SONYMA To Increase Housing Purchase Limits
The State of New York Mortgage Agency (SONYA) will increase house purchase price limits to help more low-and moderate-income New York-ers to buy “more” homes and still qualify for a low interest rate SONYMA mortgage.
Over the past decade, we have help-ed tens of thousands of New Yorkers achieve the dream of owning their home through our SONYMA mortgage programs,” Governor George Pataki said. “By increasing the purchase price limits on SONYMA loans, we will help qualifying first-time home-buyers in New York keep up with a growing housing market and give them more options to find the right home that will best meet the needs of their families.
The purchase price limit changes are effective for loan applications made as of April 27, 2005. All parts of New York State will have higher purchase price limits. The increases in maximum purchase price for a one-family home range from an increase of $7,880 in Erie and Niagara Coun-ties to $74,695 in Ulster County with an average increase of $18,338 across the state. The limits for two-, three-, and four-family homes have also in-creased.
Many areas of New York State will also experience increases in the in-come limits for eligible homebuyers. The increases in income limits are highest in Nassau and Suffolk Coun-ties with an increase of $3,550 for a 1 or 2 person household. Statewide the average increase is $870.
The increases in purchase price and income limits are based on data that was recently released by the IRS and HUD. SONYMA is prohibited by Fed-eral law from financing mortgage loans to borrowers whose incomes exceed certain levels, and is also prohibited by Federal law from financing mortgage loans for homes that exceed certain purchase prices.
The increases will apply to the Low Interest Rate Mortgage Program, the Construction Incentive Program, and the Remodel New York Program. People who purchase homes in designated Target Areas (areas determined to be distressed by the Federal government) will be allowed higher in-comes and purchase prices than those who purchase homes in non-Target Areas of the same county.
For more information on purchase price and income limits in your area visit SONYMA’s web (www. nyhomes-.org) which provides detailed information about SONYMA loans, in-cluding eligibility requirements, frequently asked questions and a list of participating lenders. Interested individuals may also call 1-800-382-HOME for more information.