GRB provides government-backed FHA, VA, USDA, and SONYMA loans. Government-backed loans offer borrowers lower down payment amounts and other favorable terms to make home ownership more affordable. There are many options for home buyers today. As a community bank, GRB understands what works best in the current market in our community.
If you are unsure whether FHA, VA, USDA, and SONYMA loans may be a good choice, contact a GRB mortgage professional.
Ask About a Preapproval for FHA, VA, and USDA Loans
Strengthen your offer with a preapproval. GRB’s preapprovals are fully underwritten with a mortgage commitment. Let us help you put in your best offer.
FHA Loans
Federal Housing Administration (FHA) loans are federally insured. Their low down payment requirements allow greater flexibility for buyers who may not meet conventional loan guidelines.
- Fixed and adjustable rate options
- FHA loans limits for each county/state are available on the Housing and Urban Development website
- Minimum down payment of 3.5%
- Up to 6% seller’s concessions to help pay your closing costs
- Allows gift funds to cover down payment and closing costs
- Primary residence only for FHA loans, but multi-family homes are eligible
- Streamlined refinance available
VA Loans
First, thank you for your service.
VA loans are available to active duty and retired servicemen and women. U.S. Dept. of Veterans Affairs (VA) loans are federally insured which gives borrowers access to favorable terms.
GRB is direct endorsed for VA loans. We process, approve, and underwrite VA loans here locally. This keeps the mortgage process smooth and stress-free.
VA loans are available with:
- No down payment financing available for eligible veterans
- Low or no down payment
- VA loans can only be used for a primary residence only
- Fixed or adjustable rate options
- Sellers can pay up to 100% of closing costs for a VA loan
- VA loans do not require Mortgage Insurance premiums
Follow this link to pay for a VA appraisal online with GRB.
USDA Loans
If your house is in a designated rural area and your income falls within certain limits, a U. S. Department of Agriculture (USDA) loan can help your family purchase a home.
A rural home may not be as hard to find as you may think. In fact, more than 92% of the country actually falls into the USDA’s definition of rural. This includes many areas in Western and Central New York.
USDA loans are available with:
- No down payment financing for qualified applicants
- Up to 6% seller’s concessions to help pay closing costs on USDA loans
- Lower Mortgage Insurance requirements than Conventional or FHA loans
- USDA loans are available for a primary residence only
SONYMA Loans
Limited Time – SONYMA Boosts Help for Low-Income Borrowers with up to $30,000 in Down Payment and Closing Cost Assistance with SONYMA DPAL PLUS (10/23)
Accruing enough assets to close on a new home is one of the largest barriers to homeownership. To address that need, State of New York Mortgage Agency (SONYMA) is offering a limited, enhanced down payment assistance loan, called DPAL PLUS. This subsidy is designed to help low-income New Yorkers achieve their homeownership dream.
DPAL PLUS provides forgivable loans of up to $30,000 for qualified buyers to assist with down payment, closing costs or single premium private mortgage insurance. Borrowers must be first-time homebuyers, a U.S. military veteran or be purchasing a home in a federally designated targeted area. Owner-occupied only, but eligible properties do include those with 1-4 families. Homebuyer education completion required prior to loan approval.
DPAL PLUS loans are forgiven in equal monthly installments over the first 10 years (120 months) of borrower occupancy. Balance subject to recapture.
Funds will be offered on a first-come, first-served basis to those who are eligible. When funds are depleted, the program will end. Contact us today for more information!
More About SONYMA Lending
SONYMA offers low interest mortgage loans and programs to help qualified buyers purchase their first home. SONYMA provides access to affordable homeownership by removing many of the hurdles faced by first-time homebuyers.
Choosing a SONYMA mortgage program offers many benefits to homebuyers, including:
- Low interest rates
- Extended rate locks
- Low down payments…with down payment assistance available!
- Can be combined with other grants and subsidies
- GRB also participates in the SONYMA Homes for Veterans program
