MEMBER PROFILE
The Credit Path
As Alternatives Credit Union has grown and changed, our use of the Credit Path model of financial empowerment has changed as well. Originally developed by Bill Myers as a way of understanding our members' financial situations and incorporating that into our business planning, the Credit Path describes where people are situated at various points along a continuum between poverty and self-sufficiency. Our job, as a community development financial institution, is to help our members move along that continuum by empowering them to make decisions, and offering opportunities, that will move them towards financial self-sufficiency.<
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SONYMA Mortgages
SONYMA (State of New York Mortgage Agency) Mortgages
SONYMA is dedicated to providing affordable home ownership opportunities to low- and moderate-income families in the State of New York by offering low interest rate mortgages.
Alternatives is proud to offer two SONYMA home loans:
The Low Interest Rate Mortgage Program
The Low Interest Rate Mortgage Program offers below market interest rate mortgages to low- and moderate-income households who must be first-time home buyers except in target areas.
97% Loan-to-Value (LTV) for one and two-family condos, manufactured homes. 3% borrower contribution.
90% LTV for three and four-family homes and co-ops. 5% borrower contribution.
Borrowers minimum cash contribution will be waived when a 20% downpayment or equity position is achieved through gift funds, gifted lot value, gift of equity or inheritance.
Visit SONYMA's site to learn what the maximum income limits are for The Low Interest Rate Mortgage Program.
Achieving the Dream Program
The Achieving the Dream Program provides very low interest rates to low-income first time home buyers.
97% LTV (Loan-to-Value) and 3% borrower contribution
Co-ops: 90% LTV and 5% borrower contribution
For one family (includes condos and co-ops) and two-family properties
30-year term only
Rate lock periods: 100 days existing homes; 220 days new construction
Homebuyer education is required for all applicants
Visit SONYMA's site to learn what the maximum income limits are for Achieving the Dream.
Closing Cost Assistance
One of the primary obstacles to homeownership for many low and moderate-income households is lack of adequate funds for downpayment and/or closing costs. To address this problem, SONYMA offers a Closing Cost Assistance Loan. SONYMA will provide closing cost assitance to borrowers in an amount not to exceed the greater of:
$5,000
5% of the SONYMA mortgage loan amount
In no event, however, may the assistance exceed the actual closing costs incurred. The minimum assistance is $1,000.
SONYMA's Closing Cost Assistance (CCAL) will be forgiven after 10 years. All or a portion of the loan may be required to be repaid or "recaptured" if the SONYMA mortgage is paid in full within 10 years of purchase. The recapture amount will decline for each month the SONYMA mortgage remains outstanding.
The CCAL will be a zero percent interest, non-amortizing "soft" co-first mortgage, and as such, will require no monthly payments.
LEARN MORE!
To learn more about how Alternatives can help you "achieve the dream" with a low-interest SONYMA mortgage, please e-mail or phone Everett at 216-3409.
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