Great New York Mortgage Rates for Purchasing NY Homes
More than 19 million people call the Empire State home. New York offers the bustling metropolis of New York city, as well as many wonderfully rural towns upstate, boasting beautiful scenery and some of the best skiing on the east coast. If you're considering buying a home in New York, you'll first want to look into current NY mortgage rates and adjust your budget accordingly.

During your search for the best New York mortgage interest rates, you'll also want to look into state-sponsored loans and other programs designed to help New Yorkers own their own homes. Programs are available statewide that can help potential homebuyers find the best NY mortgage rates, finance closing costs and learn more about the home buying process.

Low NY Mortgage Rates from the State of New York Mortgage Agency
The state of New York Mortgage Agency (SONYMA) was founded to help low-to-moderate income families in New York afford home ownership. Mortgage interest rates offered by SONYMA are competitively low for qualified homebuyers. Their primary program, aptly called the Low Interest Rate Program, helps first-time homebuyers obtain and secure low NY mortgage interest rates.

Other programs offered by SONYMA include:

• Achieving the Dream Program: This program offers low NY mortgage rates to first-time buyers in low income brackets and a low-percentage down payment of 3 percent, with only a certain portion needing to be paid in cash.

• Construction Incentive Program: This program offers up to 100 percent financing, meaning no down payment, for small newly-constructed homes.

• Homes for Veterans Program: This program offers veterans competitive NY mortgage rates and other financial incentives for purchasing a home.

SONYMA also offers closing cost assistance loans to New York Residents. For those who qualify, they may obtain a loan of up to a capped amount, or a low percentage of the SONYMA first mortgage amount.  There are no monthly payments, and the loan can be forgiven completely after 10 years.

NY Mortgage Rates for Low Income Residents
If you're a New York resident in a low-income bracket, home ownership options are still available to you. Using state-sponsored programs can help you find low NY mortgage interest rates to help you finance your home.

Other services offered by the state of New York include:

• down payment assistance
• help with closing costs
• low-income buyers assistance
• Section 8 vouchers

These incentives, together with the current New York mortgage rates, make it much easier to get a home in the Empire State and enjoy everything that New York has to offer.