The State of New York Mortgage Agency announced that it has reduced the interest rate on its low-interest mortgage program from 6.5 percent to 5.75 percent.
Interest rates for a conventional 30-year mortgage with a 5 percent down payment in Western New York range from 6.5 percent to 7.25 percent, according to the state banking department.
The state mortgage agency has also dropped the points charged to borrowers from 2 percent of the total loan to 1.75 percent.
The SONYMA provides financing for first-time, low- and middle-income home buyers who meet income limits and other criteria.
The income limit in Buffalo is $53,600 for a one- or two-person family, and $61,640 for larger families.
For more details call (800) 382-4663 or visit the agency's Web site at www.nyhomes.org.