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

Both programs are outlined about this web web web page and therefore are made to assist you in finding the house you’ve constantly wanted at a repayment you really can afford.

SONYMA provides optional advance payment help with all home loan programs and all sorts of programs could be along with other funds and subsidies.

Reaching the fantasy

Our cheapest rate of interest system, attaining the Dream was designed to optimize the total amount you really can afford with just minimal advance payment needed.

Attaining the Dream Qualities and Benefits

  • 30-year rate mortgage that is fixed
  • No points
  • Advance payment requirement as little as 3% (and 3% advance payment help available)
  • Minimal money share of just one% (3% for co-ops)
  • Designed for 1-4 household domiciles, cooperatives and condominiums
  • No prepayment charges
  • 120-day interest hair for current housing
  • 240-day 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 included with no restriction

Rates Of Interest

Available Loan Options and Enhancements

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

Find out more about advance payment help in reducing your upfront expenses.

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

Discover how buying a vacant house in certain specified areas could qualify you for extra funds for repairs and renovating.


Individual Needs
  • You should be a first-time buyer (unless you’re an qualified armed forces veteran or buying a house in a Target Area)
  • You will require good credit, stable employment, in addition to capability to make mortgage repayments while still fulfilling previous debt burden
  • You have to occupy the house as the main residence
  • You’ll need either 1 or 3percent for the cost (according to which kind of home you’re buying) in verifiable money, cost savings or other assets
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  • Regional income limitations use and differ by county
Property Needs
  • The house needs to be positioned in brand brand New York State
  • Product Sales price and appraised value cannot exceed SONYMA’s limits particular for this scheduled system, which differ by area
  • Agricultural use not permitted.
  • The home must certanly be among the after home kinds:
    • A preexisting or newly built home that is single-familyincludes condominiums and co-ops)

    Two, three, or four home this is certainly at the very least 5 years old as of the SONYMA application for the loan date and it has been utilized just as 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 constructed in the 5 years ahead of your application for the loan)
  • The house cannot surpass five acres and will need to have no less than 500 square foot of living area (exceptions might be made for a basis that is case-by-case
  • Purchasers of the condominium or co-op device must satisfy specific requirements that are special.
  • Note: you may possibly be eligible for SONYMA financing in the event that you currently possess a domestic investment home or holiday house under particular circumstances.

    Extra Factors:

    • Applicants must finish a homebuyer training program
    • All loans with significantly less than a 20per cent advance payment will demand mortgage that is private (PMI)
    • Borrowers could 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 should be found in the building that is same
    • Characteristics with devices much more than one building are not permitted
    • SONYMA mortgages are non-assumable and should not 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

    Simple tips to utilize

    Find out about SONYMA’s application procedure and you skill to be ready.