Thursday, December 12, 2019

What is the Remodel NY Program?

How the Remodel NY Program Can Finance Your Home Improvements

Sometimes, a house can be your dream home. And, yes, paying for those repairs can add up rather quickly. Luckily for New York residents, the State of New York Mortgage Agency (SONYMA) Remodel NY program can offer homeowners a way to finance their home remodel without breaking the bank. That said, here’s what you need to know.

How Do I Qualify for Remodel NY?

Many households put off home repairs until an emergency strikes, and the damage must be rectified. Remodel NY is a mortgage financing option offered by the SONYMA that lets you purchase a property and pay for repairs to create the perfect living space. This allows homeowners to make repairs when needed, without delaying until they can secure a loan or save enough money.

If you are an existing one to four-family household, you can apply for this low-interest lending option. This excludes cooperatives, condominiums, and PUDs. You may also combine the benefits of Remodel NY with the Homes for Veterans enhancement program, if applicable.

Lenders are responsible for vetting a reputable contractor to do any renovations. Financing for this loan is based on the lower of the post-renovation appraised value of your home, or the purchase price plus financeable repairs and ‘soft costs.’

Below is a list of home improvements that are available to be covered under Remodel NY:
Energy conservation upgrades
Flooring
Plumbing updates
Roofing, gutters, and downspouts
Eliminating health and safety concerns
Aesthetic updates, such as siding or painting
Major landscaping improvements
Structural reconstruction, such as repairing chimneys, adding garages, and finishing basements

If you’re interested in learning more about the Remodel NY program, you can download this pdf via the SONYMA to find out if you meet the eligibility requirements.

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com.

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