Assemblyman David G. McDonough (R,C,I-Merrick), the State of New York Mortgage Agency (SONYMA), and the New York State Division of Veterans’ Affairs announced the details of a program that will help New York’s military veterans achieve the dream of homeownership.

“The dream of homeownership for our veterans will be greatly aided by the Homes for Veterans Program,” said McDonough. “Our young veterans and their families that are just starting their civilian lives together know the reality of trying to purchase a home and this program will provide them an opportunity to do just that. It is a small way of saying thank you for their service and sacrifice for our country.”

The ‘Homes for Veterans Program’ will allow eligible veterans purchasing a home to receive below-market mortgages with fixed interest rates as low as 4.875% to buy a first or new home.

The mortgage rates are lower than SONYMA’s standard low interest rate mortgages, and are considerably lower than rates available through regular banking and home loan channels for veterans.

Eligible veterans, their spouses or co-borrowers:

• do not have to be first-time homebuyers in order to qualify
• will have to satisfy SONYMA’s income and home purchase price limits
• will not require payment of borrower points but will require a down payment of 3%.

To qualify, veterans must provide proof of active duty and proof of release from duty under conditions other than dishonorable by submitting a DD Form 214, Certificate of Release or Discharge from Active Duty. Veterans also must not exceed annual income limits of $35,630 to $67,550 for SONYMA programs and $63,100 to $135,100 for the Achieving the Dream program.

For more information about the Homes for Veterans Program and all of SONYMA’s programs, you can call toll free 1-800-382-4663 or visit their Web site. You can also visit the New York State Division of Veterans’ Affairs www.veterans.state.ny.us.