SONYMA has two mortgage that is primary, attaining the Dream and low-value interest.


Both programs are outlined with this web page and are usually made to assist you in finding the house you’ve always desired at a payment it is possible to manage.

SONYMA provides optional advance payment help with all home loan programs and payday loans in texas all sorts of programs may be coupled with other funds and subsidies.

Reaching the Dream

Our interest rate program that is lowest, attaining the Dream is made to optimize the total amount you really can afford with reduced deposit needed.

Attaining the Dream Qualities and Benefits

  • 30-year fixed price home loan
  • No points
  • Advance payment requirement as low as 3% (and 3% advance payment support available)
  • Minimal money share of just one% (3% for co-ops)
  • Designed for 1-4 family houses, cooperatives and condominiums
  • No prepayment charges
  • 120-day rate of interest hair for current housing
  • 240-day rate of interest hair for properties under construction or rehabilitation, cooperatives or distressed product sales
  • Are along with other SONYMA special features
  • Other funds and subsidies may be added to no limitation

Interest Rates

Available Loan Options and Improvements

Reaching the Dream additionally works together with other SONYMA programs to help people who need assistance with down payments, home repairs, and remodeling.

Find out more about deposit support in lowering your costs that are upfront.

Find out about just how to buy the remodeling or fixing the house purchasing that is you’re.

Learn how purchasing a vacant house in certain specific areas could qualify you for extra funds for repairs and renovating.


Individual Specifications
  • You should be a buyer that is first-time you will be an qualified army veteran or buying a property in a Target Area)
  • You will require credit that is good stable work, in addition to power to make home loan repayments while nevertheless fulfilling previous debt burden
  • You need to occupy the house as the main residence
  • You’ll need either 1 or 3percent associated with the price (according to which kind of property you’re buying) in verifiable money, savings or any other assets
  • Regional income restrictions use and differ by county
Home Demands
  • The home should be positioned in brand brand New York State
  • Product product product Sales price and appraised value cannot exceed SONYMA’s restrictions certain to the scheduled system, which differ by area
  • Agricultural use not permitted.
  • The home needs to be among the property that is following:
    • A current or newly built single-family house (includes condominiums and co-ops)

    Two, three, or four house this is certainly at the very least 5 years old at the time of the SONYMA application for the loan date and has now been utilized just as 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 inside the 5 years just before your application for the loan)
  • The house cannot surpass five acres and should have a the least 500 square foot of living area (exceptions can be made on a basis that is case-by-case
  • Purchasers of a condominium or co-op product must satisfy specific unique demands.
  • Note: you might be eligible for SONYMA financing in the event that you currently possess an investment that is residential or holiday house under particular circumstances.

    Additional Factors:

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

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