LI group offers online session about state home loan program for first-time buyers

A Long Island nonprofit group will hold an online information session this week about a mortgage program for first-time homebuyers.

The session will take place Thursday at 6:30 p.m. on Facebook Live, hosted by Yung Hip Professionals Inc., a Wyandanch-based group that aims to support young people from disadvantaged communities.

The event will focus on SONYMA, a state program that offers low-interest, 30-year mortgages. Current interest rates are as low as 3.125%, and loans cover up to 97% of the purchase price of the home. The program also offers down payment assistance loans of up to $15,000, which can be forgiven after 10 years.

SONYMA is open to buyers who meet certain criteria, including limits on income and purchase price. More information can be found at https://hcr.ny.gov/sonyma. 

Sam Law, president of Yung Hip Professionals, will lead the discussion with representatives from SONYMA and Kevin Key, a real estate agent with Coldwell Banker Residential Brokerage in Dix Hills.

A recording of the talk will be available after the event at https://www.facebook.com/yunghipprofessionalsinc/. 

To register or for more information, go to https://www.facebook.com/events/3324141690972026/ .  There is no fee to attend the Facebook event.

By Maura McDermott

maura.mcdermott@newsday.commauramcdermott

Maura McDermott covers education. Since joining Newsday in 2012, she also has worked on the investigations team and covered real estate and the business of health care.