Down Payment Assistance Loan for First Time Home Buyers in New York
Page 2

On the other hand, the closing cost, is defined as the "Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include, but are not limited to, fees charged by lenders, attorney fees, taxes, insurance premiums (e.g. flood insurance, hazard insurance, PMI), escrow charges, title insurance costs and survey costs."

The Down Payment Assistance Loan Program aims to assist first time home buyers in the process of securing their down payment and closing costs through the acquisition of a second mortgage plan which can be used simultaneously with any available SONYMA first time home buyer program.

The key feature about the Down Payment Assistance Loan Program is that it has a 0% interest rate, requires no monthly payment, and the perhaps the best part is, the loan will be forgiven or eradicated if the borrower chooses to stay in his or her SONYMA-financed home after 10 years of procuring the loan.

The DPAL program stipulates that it cannot release funds that exceeds the amount of the actual down payment and/or closing costs tht is associated with the chosen mortgage loan transaction of the borrower.

In order to avail of the DPAL program, borrowers must still make a 1% contribution out of the value of the property in order to exhibit the borrower is still capable of repaying the mortgages and has sufficient income that would cover the mortgage payments in the long run.

If you wish to read more about the Down Payment Assistance Loan Program, you can check out the program's official website at http://www.nyhomes.org/Home/Buyers/SONYMA/DownPaymentAssistanceLoan(DPAL).htm.

Down Payment Assistance Loan for First Time Home Buyers in New York
  Back to Page 1

About The Author The TopGovernmentGrants Editorial Staff maintains one the most comprehensive Websites offering information on government grants and federal government programs. The staff also provides resources to other Websites with information on health grants and environmental grants.

Additional Government Grants Resources

National Institutes of Health: Expanding the Encyclopedia of DNA Elements in Human and Model Organisms
The National Institutes of Health, in cooperation with the National Human Genome Research Institute, has established a funding opportunity to support the Expanding the Encyclopedia of DNA Elements in Human and Model Organisms project.

---

Construction Incentive Program for First Time Home Buyers in New York
Under the State of New York Mortgage Agency, the Construction Incentive Program has been established. The goal of this program is to enable the construction of one and two family homes through the provision of funds, up to 97% of the value of the property, to eligible low to moderate income first time home buyers.

---

Development of Measures to Determine Successful Hearing Health Care Outcomes
In accordance with this mission, the National Institutes of Health has recently collaborated with the National Institute on Deafness and Other Communication Disorders (NIDCD) in an attempt to constitute the Development of Measures to Determine Successful Hearing Health Care Outcomes Program.

---

Institutes for Advanced Topics in the Digital Humanities Program
The National Endowment for the Humanities has recently constituted the Institutes for Advanced Topics in the Digital Humanities Program wherein they aim to support regional and national training programs intended for scholars and advanced graduate students in an effort to widen and strengthen their abilities and understanding of digital humanities.

---

Funding Opportunity Announcement: Developing Sustainable Healthy Behaviors in Children and Adolescents
The FOA is designed to encourage the use of Exploratory/Developmental Research Grant Awards in employing innovative research studies that would help in determining mechanisms that could promote and influence positive sustainable health behaviors in children and in adolescents, from birth to 18 years old.

---

Nurse Education, Practice, Quality and Retention (NEPQR) Program - Interprofessional Collaborative Practice
The Health Resources and Services Administration has recently announced the establishment of the Nurse Education, Practice, Quality and Retention (NEPQR) Program - Interprofessional Collaborative Practice.

---

Planning Grants for Hubs of Interdisciplinary Research and Training in Global Environmental and Occupational Health Project
The National Institutes of Health has collaborated with the Centers for Disease Control and Prevention (CDC) to establish the Planning Grants for Hubs of Interdisciplinary Research and Training in Global Environmental and Occupational Health Project.

---