SONYMA has two mortgage that is primary, Achieving the Dream and low interest. Both programs are outlined with this web page and are also made to support you in finding the house you’ve constantly desired at a payment you really can afford.

SONYMA offers optional advance payment advice about all home loan programs and all sorts of programs could be along with other funds and subsidies.

Attaining the fantasy

Our interest rate program that is lowest, attaining the Dream is made to optimize the quantity you’ll pay for with reduced advance payment needed.

Attaining the Dream Qualities and Benefits

  • 30-year fixed price home loan
  • No points
  • Advance payment requirement as little as 3% (and 3% advance payment help available)
  • Minimum money share of just one% (3% for co-ops)
  • Designed for 1-4 household houses, cooperatives and condominiums
  • No prepayment charges
  • 120-day rate of interest hair for current housing
  • 240-day interest locks for properties under construction or rehabilitation, cooperatives or troubled product sales
  • Could be coupled with other SONYMA unique features
  • Other funds and subsidies may be added to no restriction

Rates Of Interest

Available Loan Options and Improvements

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

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

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

Learn how investing in a vacant home in certain specified areas could qualify you for extra funds for repairs and renovating.


Individual Specifications

  • You should be a first-time customer (unless you might be an eligible army veteran or buying a house in a Target Area)
  • You’ll need good credit, stable work, plus the capability to make mortgage repayments while nevertheless meeting previous debt burden
  • You have to occupy the house as the main residence
  • You’ll need either 1 or 3percent regarding the price (according to which kind of home you’re purchasing) in verifiable money, cost savings or any other assets
  • Regional income limitations use and differ by county

Home Demands

  • The home should be based in brand brand New York State
  • Product Sales price and appraised value cannot exceed SONYMA’s restrictions specific for this system, which differ by area
  • Agricultural utilize not permitted.
  • The house should be one of the after property kinds:
    • A preexisting or newly built home that is single-familyincludes condominiums and co-ops)

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

  • A two-family house positioned in a Target Area (needs to be either newly constructed or built inside the 5 years just before your application for the loan)
  • The home cannot meet or exceed five acres and need at the least 500 square foot of living area (exceptions can be made for a basis that is case-by-case
  • Purchasers of a condominium or co-op device must satisfy specific special needs.
  • Note: you might be eligible for SONYMA financing in the event that you currently have a domestic investment home or getaway house under specific circumstances.

    Extra Factors:

    • Candidates must finish a homebuyer education program
    • All loans with lower than a 20per cent advance payment will need mortgage that is private (PMI)
    • Borrowers might be at the mercy of a reimbursable recapture taxation.
    • 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
    • Properties 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 should be authorized for pool insurance by SONYMA’s home loan pool insurer

    How to Apply

    Find out about SONYMA’s application procedure and you skill to prepare yourself.