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

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

Both programs are outlined about this web page and are also made to support you in finding the true house you’ve constantly desired at a repayment you are able to manage.

SONYMA offers optional advance payment help with all home loan programs and all sorts of scheduled programs may be coupled with other funds and subsidies.

Reaching the fantasy

Our cheapest rate of interest system, attaining the Dream is made to maximize the total amount you are able to pay for 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% down payment support available)
  • Minimal money share of just one% (3% for co-ops)
  • Readily available for 1-4 family members houses, cooperatives and condominiums
  • No prepayment charges
  • 120-day interest hair for current housing
  • 240-day rate of interest hair for properties under construction or rehabilitation, cooperatives or troubled product sales
  • Could be along with other SONYMA features that are special
  • Other funds and subsidies may be incorporated with no restriction

Rates Of Interest

Available Loan Options and Improvements

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

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

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

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


Individual Needs
  • You should be a first-time customer (unless you may be a qualified army veteran or buying a house in a Target Area)
  • You will require credit that is good stable work, as well as the capability to make home loan repayments while nevertheless meeting previous debt burden
  • You have to occupy the home as the main residence
  • You’ll need either 1 or 3percent associated with cost (dependent on which kind of home purchasing that is you’re in verifiable money, cost savings or any other assets
  • Regional income restrictions use and differ by county
Home Needs
  • The house must certanly be based in brand New York State
  • Product product Sales price and appraised value cannot go beyond SONYMA’s restrictions certain to the system, which vary by area
  • Agricultural utilize not permitted.
  • The house needs to be among the after home types:
    • A current or newly built home that is single-familyincludes condominiums and co-ops)

    Two, three, or four home that is at the very least 5 years old as of the SONYMA application for the loan date and contains been utilized just as 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 in the 5 years just before your application for the loan)
  • The home cannot meet or exceed five acres and will need to have at the least 500 square feet of living area (exceptions might be made on a basis that is case-by-case
  • Purchasers of a condominium or co-op device must satisfy specific unique needs.
  • Note: you may possibly qualify for SONYMA financing in the event that you currently have an investment that is residential or holiday house under specific circumstances.

    Extra Factors:

    • Candidates must finish a homebuyer training program
    • All loans with not as much as a 20per cent advance payment will demand mortgage that is private (PMI)
    • Borrowers could 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 home must certanly be found in the exact same building
    • Qualities with devices in more than one building aren’t permitted
    • SONYMA mortgages are non-assumable and cannot be employed to refinance a preexisting home loan
    • All loans must certanly be approved for pool insurance coverage by SONYMA’s home loan pool insurer

    How to Apply

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