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Mortgages available for parents of children with disabilities.

Parents of individuals with developmental disabilities, intellectual disabilities, or mental illness can now apply for mortgages under the Home of Your Own (HOYO) Program, which is financed by the State of New York Mortgage Agency (SONYMA).

The HOYO Program-run jointly by SONYMA, the NYS Office of Mental Retardation and Development Disabilities (OMRDD), and the NYS Office of Mental Health (OMH)-helps people with developmental disabilities or mental illness purchase homes with SONYMA mortgages issued at very favorable terms. Enabling parents to apply for SONYMA mortgages will ease the financial burdens on families and improve their ability to provide for the needs of their children.

The HOYO Program offers very favorable mortgage terms for eligible applicants. To be eligible, applicants must be first-time homebuyers and have incomes of no more than 80 percent of the area median income in the region where they live. There is also a limit on the purchase price, which varies by location. The program offers a very low four percent fixed interest rate on mortgages of 30 or 40 years, 100 percent financing and reduced closing costs. Closing cost assistance is also available from SONYMA.

The program is offered exclusively through M&T Bank, which has agreed to forgo or reduce some of its normal closing costs. The program is available for homes, condos, co-ops and doublewide mobile homes permanently affixed to real property. Accessibility improvements are funded by OMRDD or OMH as needed. For more information on how to apply for HOYO, contact Lucinda Grant-Griffin, director of the HOYO program at OMRDD, at (518) 473-1973 or contact OMH at (518) 474-5191.
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Publication:The Exceptional Parent
Article Type:Brief article
Geographic Code:1U2NY
Date:Feb 1, 2008
Words:266
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