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 on mortgages for first-time homebuyers on Thursday. Credit: Newsday / Steve Pfost
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.
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.
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