Own It Fix It program helps 1st time buyers finance foreclosed homes

New mortgage tool to finance the purchase and renovation of foreclosed or short sale homes

On April 1, 2011, New York State Homes and Community Renewal (HCR) will begin accepting applications for a new mortgage program for low- and moderate-income first-time homebuyers called the Own it, Fix it New York! Home Mortgage that allows qualified homebuyers to purchase and repair homes that have been foreclosed or sold as a “short sale” and suffer from deferred maintenance.

“HCR is to be congratulated for the willingness to evolve products to meet new challenges to homeownership,” said NYSAR CEO and SONYMA Advisory Council Member Duncan MacKenzie.”The Own it, Fix it New York! Home Mortgage product gives new life to individual properties and whole communities devastated by foreclosure and the all too often neglect that befalls these homes.This two-pronged approach is a ‘can’t miss’ plan and I look forward to promoting it to the more than 50,000 REALTORS across New York State.”

Proposed by the State of New York Mortgage Agency (SONYMA) Advisory Council, the program is designed to help stabilize neighborhoods and property values by improving the quality of New York’s housing stock.

Complete details are available at http://www.nyshcr.org.

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