Establishes a loan program for veterans to purchase homes or unimproved land, secured by a second mortgage.
New York S02375 creates a veteran's home and land ownership loan program to provide loans to veterans for purchasing homes or unimproved land. The loans are secured by a second mortgage. The program aims to encourage home ownership and stabilize communities. The maximum loan amount is $100,000 for a home and $40,000 for unimproved land. The loan terms can exceed the first mortgage term for graduated payment mortgages, up to a maximum of 30 years. The program is funded by a dedicated loan fund and authorized bond issuances.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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