Bill > A07538

This bill authorizes the New York State Mortgage Agency to purchase special mortgages specifically designed for veterans, called "veterans' assisted forward commitment mortgages," from banks within the state. The bill provides a detailed definition of who qualifies as a veteran, which includes individuals who served during specific war periods or conflicts ranging from the Spanish-American War to the Persian Gulf conflict, or who received certain military expedition medals and were discharged under honorable conditions. The state mortgage agency's board of directors will be responsible for establishing income limits for eligible veterans, which cannot exceed maximum income limits defined in the Internal Revenue Code. The bill also stipulates that these mortgages cannot exceed 99% of the appraised value of the mortgaged property. By creating this program, the bill aims to provide additional financial support and home-buying opportunities for veterans by giving them access to mortgages through a state-level agency, potentially offering more favorable terms or easier qualification processes compared to traditional mortgage lending.

Justice

https://www.nysenate.gov/legislation/bills/2025/A7538