SONYMA Products. Overview. SONYMA has two main home loan programs…

SONYMA has two mortgage that is primary, attaining the Dream and low interest. Both programs are outlined with this web page and are usually built to support you in finding the true home you’ve constantly desired at a repayment you are able to manage.

SONYMA provides optional deposit help with all home loan programs and all sorts of scheduled programs could be coupled with other funds and subsidies.

Reaching the fantasy

Our cheapest rate of interest system, attaining the Dream was created to optimize the total amount you are able to pay for with just minimal deposit needed.

Reaching the Dream Qualities and Benefits

  • 30-year rate mortgage that is fixed
  • No points
  • Advance payment requirement as little as 3% (and 3% deposit support available)
  • Minimal cash share of just one% (3% for co-ops)
  • Readily available for 1-4 household houses, cooperatives and condominiums
  • No prepayment charges
  • 120-day rate of interest locks for current housing
  • 240-day rate of interest hair for properties under construction or rehabilitation, cooperatives or sales that are distressed
  • May be along with other SONYMA features that are special
  • Other funds and subsidies could be added to no restriction

Rates Of Interest

Available Loan Options and Improvements

Achieving the Dream additionally works together with other programs that are SONYMA help people who need assistance with down re re payments, home repairs, and renovating.

Find out more about advance payment support in reducing your costs that are upfront.

Find out about simple tips to pay money for the remodeling or fixing your home you’re purchasing.

Discover how buying a home that is vacant certain specific areas could qualify you for extra funds for repairs and renovating.

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Eligibility

Individual Needs

  • You truly must be a buyer that is first-time you may be a qualified armed forces veteran or buying a property in a Target Area)
  • You will require good credit, stable employment, and also the power to make mortgage payments while nevertheless meeting previous debt burden
  • You need to occupy the home as your main residence
  • You will require either 1 or 3percent associated with the cost (according to which kind of home purchasing that is you’re in verifiable cash, savings or any other assets
  • Regional income restrictions apply and differ by county

Home Needs

  • The home needs to be positioned in brand New York State
  • Product Sales price and appraised value cannot go beyond SONYMA’s limitations certain to the scheduled system, which differ by area
  • Agricultural utilize not permitted.
  • The house should be among the after home kinds:
    • A preexisting or newly constructed single-family house (includes condominiums and co-ops)

    Two, three, or four house this is certainly at the very least 5 years old as of the SONYMA application for the loan date and contains been utilized just as a residence in the past 5 years

  • A home that is two-family in a Target Area (should be either newly built or constructed in the five years just before your loan application)
  • The house cannot meet or exceed five acres and should have at the least 500 square feet of living area (exceptions might be made on a case-by-case foundation)
  • Purchasers of a condominium or co-op device must satisfy particular requirements that are special.
  • Note: you may possibly be eligible for SONYMA financing in the event that you currently have an investment that is residential or holiday home under particular circumstances.

    Extra Factors:

    • Candidates must complete a homebuyer training program
    • All loans with lower than a 20per cent advance payment will need personal Mortgage insurance coverage (PMI)
    • Borrowers can be at the mercy of a recapture tax that is reimbursable.
    • Funds are restricted and available for a first-come, first-served foundation
    • Both devices in a two-family house must certanly be found in the exact same building
    • Characteristics with devices much more than one building aren’t permitted
    • SONYMA mortgages are non-assumable and cannot be employed to refinance a mortgage that is existing
    • All loans needs to be authorized for pool insurance coverage by SONYMA’s home loan pool insurer

    Simple tips to use

    Find out more about SONYMA’s application procedure and what can be done to be ready.