SONYMA has two main home loan programs, attaining the Dream and low-value interest.


Both programs are outlined with this web web page and generally are built to assist you in finding the true house you’ve constantly desired at a payment it is possible to manage.

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

Reaching the fantasy

Our lowest rate of interest system, Achieving the Dream was created to maximize the total amount you are able to pay for with just minimal advance payment 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 help available)
  • Minimal cash share of just one% (3% for co-ops)
  • Designed for 1-4 household houses, cooperatives and condominiums
  • No prepayment charges
  • 120-day interest hair for current housing
  • 240-day interest locks for properties under construction or rehabilitation, cooperatives or sales that are distressed
  • May be coupled with other SONYMA unique features
  • Other funds and subsidies could be incorporated with no restriction

Rates Of Interest

Available Loan Options and Improvements

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

Find out more about advance payment help in lowering your costs that are upfront.

Find out about how exactly to buy the remodeling or restoring the house you’re purchasing.

Discover how investing in a home that is vacant certain specified areas could qualify you for additional funds for repairs and renovating.


Individual Requirements
  • You need to be a buyer that is first-time you will be a qualified army veteran or buying a house in a Target Area)
  • You’ll need credit that is good stable work, while the power to make mortgage repayments while nevertheless fulfilling previous debt burden
  • You have to occupy the house as your main residence
  • You’ll need either 1 or 3% associated with the price (according to which kind of home purchasing that is you’re in verifiable cash, savings or any other assets
  • Regional income restrictions use and differ by county
Home Needs
  • The home needs to be situated in brand New York State
  • Product Sales price and appraised value cannot go beyond SONYMA’s limits particular for this system, which differ by area
  • Agricultural use not permitted.
  • The house needs to be one of several after home types:
    • A current or newly built single-family house (includes condominiums and co-ops)

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

  • A home that is two-family in a Target Area (needs to be either newly built or built in the 5 years ahead of your application for the loan)
  • The home cannot meet or exceed five acres and will need to have a the least 500 square foot of liveable space (exceptions might be made for a case-by-case foundation)
  • Purchasers of the condominium or co-op device must satisfy certain requirements that are special.
  • Note: you may possibly be eligible for SONYMA financing in the event that you currently have a domestic investment home or holiday house under particular circumstances.

    Extra Factors:

    • Candidates must finish a homebuyer education program
    • All loans with significantly less than a 20per cent advance payment will need personal home loan insurance coverage (PMI)
    • Borrowers are susceptible to a reimbursable recapture taxation.
    • Funds are restricted and available on a first-come, first-served foundation
    • Both devices in a two-family home must certanly be found in the building that is same
    • Characteristics with devices much more than one building aren’t permitted
    • SONYMA mortgages are non-assumable and cannot be employed to refinance an existing home loan
    • All loans must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer

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