N.Y. Offers 40-Year Loan to Aid Low-Income Buyers
Launder, William, American Banker
A new, 40-year, fixed-rate mortgage may offer an alternative to subprime loans for first-time and low-income homebuyers in New York State, observers said.
The New York State Mortgage Agency said late Monday that it would begin offering the mortgages on May 1 in an effort to promote affordable homeownership in the nation's third-most-populous state.
Priscilla Almodovar, the mortgage agency's president and chief executive, said in a press release that the loans "can help first-time homebuyers achieve their goal of sustainable homeownership" with "lower monthly payments than a traditional 30-year mortgage."
She said borrowers could reduce payments by up to …
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Publication information: Article title: N.Y. Offers 40-Year Loan to Aid Low-Income Buyers. Contributors: Launder, William - Author. Magazine title: American Banker. Volume: 172. Issue: 79 Publication date: April 25, 2007. Page number: 17. © 2009 SourceMedia, Inc. COPYRIGHT 2007 Gale Group.
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