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

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


Both programs are outlined about this web web page and so are made to support you in finding the true house you’ve always desired at a repayment you really can afford.

SONYMA provides optional advance payment help with all home loan programs and all sorts of scheduled programs are coupled with other funds and subsidies.

Reaching the fantasy

Our interest rate program that is lowest, attaining the Dream was designed to optimize the total amount you really can afford with reduced advance payment needed.

Attaining the Dream Qualities and Benefits

  • 30-year fixed price mortgage
  • No points
  • Deposit requirement as low as 3% (and 3% advance payment help available)
  • Minimal money share of just one% (3% for co-ops)
  • Readily available 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 sales that are distressed
  • May be coupled with other SONYMA features that are special
  • Other funds and subsidies are added to no restriction

Interest Levels

Available Loan Options and Improvements

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

Find out more about deposit support in reducing your upfront expenses.

Find out about how exactly to buy the remodeling or restoring your home purchasing that is you’re.

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


Individual Specifications
  • You truly must be a first-time customer (unless you might be an eligible armed forces veteran or buying a house in a Target Area)
  • You will require credit that is good stable work, therefore the power to make mortgage repayments while nevertheless meeting previous debt burden
  • You need to occupy the home as the main residence
  • You will need either 1 or 3percent of this cost (according to which kind of home you’re purchasing) in verifiable money, cost cost savings or any other assets
  • Regional income restrictions use and differ by county
Home Needs
  • The home must certanly be situated in brand brand brand New York State
  • Product Sales price and appraised value cannot go beyond SONYMA’s restrictions certain to the scheduled system, which differ by area
  • Agricultural utilize not permitted.
  • The home must certanly be among the property that is following:
    • A current or newly built home that is single-familyincludes condominiums and co-ops)

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

  • A two-family house situated in a Target Area (must certanly be either newly built or built within the 5 years ahead of your application for the loan)
  • The property cannot go beyond five acres and should have a the least 500 square foot of living area (exceptions can be made for a basis that is case-by-case
  • Purchasers of the condominium or co-op device must satisfy specific unique needs.
  • Note: you might be eligible for SONYMA financing in the event that you currently possess an investment that is residential or getaway home under particular circumstances.

    Extra Factors:

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

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