New York State Assemblyman Rob Walker (R, C, I, WF - Hicksville) would like to remind veterans to apply for the below-market mortgage rates available through the Homes for Veterans Program, administered through the State of New York Mortgage Agency (SONYMA) and the New York State Department of Veterans' Affairs.

"This is an excellent opportunity for our veterans to achieve the dream of home-ownership," said Walker. "I encourage all veterans in Nassau County to apply for the Homes for Veterans Program, especially younger veterans who are returning from overseas."

Through the Homes for Veterans Program, eligible veterans will receive mortgages with fixed interest rates as low as 4.875 percent, considerably lower than standard banks, and 0.5 percent lower than SONYMA's normal below-market interest rates. While national home loan guarantee programs require down payments up to 10 percent, mortgages through the Homes for Veterans Program require a down payment of only 3 percent, with only 1 percent coming from the borrower's own funds. The program will also provide closing cost assistance, and unlike national veteran home loan guaranty programs, the payment of borrower points is not required.

Veterans do not need to be purchasing their first home to be eligible, but they will have to satisfy SONYMA's income and home purchase price limits among other requirements. In addition, veterans must provide proof of active duty and proof of release from duty under conditions other than dishonorable.

The below-market mortgages will be available solely through M&T banks throughout the state. To apply, veterans can call M&T Banks on Long Island at 516-637-8125 or at 631-501-0123.

To find out additional information, individuals can contact Assemblyman Walker directly by calling 937-3571 or visiting his district office in Hicksville. Veterans can also call SONYMA toll free at 1-800-382-HOME or visit www.nyhomes.org.