The State of New York Mortgage Agency, also known as SONYMA, is a public authority that was formed in the year 1970 in an attempt to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.

The mission of the SONYMA is to offer mortgage programs as well as mortgage credit certificates that may aid first time home buyers in the act of purchasing a house in the State of Big Apple.

One of the programs of the state of Big Apple Mortgage Agency, is the Achieving the Dream Programme wherein it seeks to provide eligible lower income first time home buyers with really low down-payment mortgage loans programs on one or two family dwelling,eg cooperative residences, condominiums, and manufactured houses that are permanently attached to a real property, at enormously low and consumer-friendly rates.

The key features of the Achieving the Dream Program is its rather low interest rates, the facility to provide financing up to 97% of the value of the property, a very low minimum borrower money contribution duty of 1% of the value of the property, 100 and 240 days interest locks for existing housing and homes being built and rehabilitation, reasonable 30- and 40-year home loan payment terms, the total absence of repayment penalties, the provision of down payment help amounting to $3,000 or 3% of the total value of the desired property, and in the end a trustworthy payment protection program in the event the borrower is afflicted with temporary job loss or accident.

The properties that are able to be purchased under the Achieving the Dream Program are the following:

1) Must be found in the State of New York

2) Must have a sale price or evaluated worth that doesn’t go past SONYMA’s Price/Appraised Value limits

3) Mustn’t be used for business or commercial purposes

4) Must be an existing one family home, or an existing 2 family home that is at least 5 years old

5) Must be a maximum of 5 acres only

6) Must have at least 500 square meters of living space

In order to be considered able to submit an application under the Achieving the Dream Program, a borrower must be:

1) Must be a first time home buyer as defined by the guidelines and laws of SONYMA

2) Must have a stable job, an excellent credit history, enough income to cover mortgages and other payment requirements, satisfactory assets and savings that would cover down payment and closing costs

3) Must be well placed to meet SONYMA’s Household Earnings Limit necessities

4) Must be in a position to permanently occupy the SONYMA-financed home as their first residence.

To read more about the Achieving the Dream Program for First Time Home Buyers in New York, you may visit http://www.nyhomes.org/Home/Buyers/SONYMA/AchievingtheDreamProgram.htm.

Iola Bonggay is an editor of TopGovernmentGrants.com. She maintains Websites providing resources on small business grants and artist grants.

“How can I improve my credit score?” it is the question often heard from people in debt whose financial aspect of their lives are affected by the economic crisis.

How could I improve my credit score if I have already got a credit record? The reporting agencies will show a credit file after you have credit accounts. Listed below are the five solutions to “How can I improve my credit score?”

Be sharp in acquiring and taking advantage of credit. Sometimes failing to pay off the balance completely is good particularly in improving your credit score. For anyone who is up to improving your credit score then you’ve got to avoid having a $0 balance in your accounts. A zero balance can gives a negative impact on your credit rating since the credit bureaus will believe that you’re not regularly utilizing your account. To be able to improve your credit score then leave a $5 – $10 outstanding monthly balance. This remaining balance is not going to hurt your credit score, the fact is it should increase it several notches. It is also better not to use your card up to its limit even if you’re able to paying it. Leaving an account balance which is below 30% of the available limit is healthy enough for your credit scores. You might be having doubts with this particular step and asking yourself “Do I really do this to improve my credit score?” It would be also better if you’ll get it down to 10% . You have to take special care on this step seeing that 1/3 of your score is based on your credit utilization ratio.

Spread out the debt. In the credit industry, it is always better to have balances on a wide variety of credit cards than a big balance on a single card. Also, it is better for your credit card to enjoy a enormous gap on the balance and limit. You most likely are wondering, “What is the reason for this and just how does it improve my credit score?” Paying off installment debt can still add points to your credit scores but reducing revolving debt boosts your score more rapidly. This will be a significant step everyone must take in order to raise their consumer credit score.

Maintain your accounts open and active. Once you are on your quest in improving your score it can be harmful to close any credit accounts. You want to know how it will help your credit ranking. Your credit account has a history which also plays a huge role in getting better credit. The lender will likely close your account when they believe you are no longer using it.

Improve credit score with a good mix of credit. Go ahead; ask me, “How will this improve my credit score?” Well, let me explain. A healthy combination is an installment account plus two revolving accounts. Too much available credit might be perceived as dangerous by potential lenders. You will also get dinged having inquiries; every point counts when you are applying for sizable loan.

Take your credit reports seriously. Personally, I do this one whether I am wanting to improve my credit score or not. It is just a good idea to do. Do not ever assume that all of your positive efforts are being recorded, or that everything within your report is accurate. Demand the bureaus change any inaccurate information on your report quickly. If you’re going to be judged so strictly by what’s on your credit history, then it should be correct.

Do you want to improve your credit score? Visit my website for a free credit consultation and learn how i improve my credit score. You can also check out our credit repair information.