SONYMA Helps Some New Yorkers Buy Homes
New York state potential homeowners are finally getting some love; at least some of them are. SONYMA, which stands for the State of New York Mortgage Agency, is offering its own boost to the federal government’s $8,000 tax credit program. In this case, if you qualify, you could get around a 20% discount off your annual mortgage interest costs.
This isn’t as simple to understand as the federal government’s program; this is New York after all. So, in a nutshell, if your interest in one year came to $10,000, you get to take 20% of that interest off the top and claim it as a credit towards next year’s taxes. Then you can still claim the rest of your interest to the federal government; you don’t get to double dip on this one.
Once again, it’s only limited to first time homeowners, and there are financial requirements. And it’s these financial requirements that are going to eliminate a lot of folks downstate, I hate to say. For a household with 3 or more people, the income can’t exceed $107,520, and the house price cannot exceed $637,640. The price limits are the same for Nassau and Suffolk Counties, but the income threshold is higher — $142,520 for homes with three or more people.
What about the rest of the state? I can’t tell you, because there’s no other information except for what’s printed above. Not that most of the rest of the state was in dire need of the program anyway, but places such as Buffalo could certainly use the help, but they’re not mentioned. One can only hope that this agency isn’t forgetting that there’s more to New York state than NYC.
If they don’t, though, that would be par for the course.