SONYMA has two main home loan programs, attaining the Dream and low-value interest. Both programs are outlined with this page and they are made to assist you in finding the true 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 coupled with other funds and subsidies.
Reaching the Dream
Our cheapest interest system, attaining the Dream was created to optimize the total amount you’ll pay for with just minimal advance payment required.
Attaining the Dream Qualities and Benefits
- 30-year fixed price home loan
- No points
- Deposit requirement as little as 3% (and 3% advance payment support available)
- Minimum money share of just one% (3% for co-ops)
- Designed for 1-4 household domiciles, 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
- May be along with other SONYMA unique features
- Other funds and subsidies are incorporated with no restriction
Rates Of Interest
Available Loan Options and Improvements
Reaching the Dream additionally works closely with other programs that are SONYMA help those that need assistance with down re re payments, home repairs, and renovating.
Find out more about advance payment help in reducing your costs that are upfront.
Find out about how exactly to pay money for the remodeling or fixing the house you’re purchasing.
Discover how buying a vacant house in certain specific areas could qualify you for extra funds for repairs and remodeling.
- You should be a buyer that is first-time you’re an qualified army veteran or buying a home in a Target Area)
- You will require credit that is good stable work, and also the power to make mortgage repayments while nevertheless fulfilling previous debt burden
- You have to occupy the house as the primary residence
- You will require either 1 or 3percent associated with price (according to which kind of property you’re buying) in verifiable money, cost cost savings or other assets
- Regional income limitations use and differ by county
- The property should be situated in brand brand brand New York State
- Product product Sales price and appraised value cannot go beyond SONYMA’s restrictions particular to the system, which differ by area
- Agricultural utilize 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 least five years old at the time of the SONYMA application for the loan date and has now been used 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 built in the 5 years ahead of your application for the loan)
- The home cannot surpass five acres and should have at the least 500 square foot of living area (exceptions are made on a case-by-case foundation)
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.
- Candidates must finish a homebuyer training program
- All loans with lower than a 20per cent advance payment will need personal home loan insurance coverage (PMI)
- Borrowers could be subject to a reimbursable recapture tax.
- Funds are limited and available for a first-come, first-served foundation
- Both devices in a two-family house must certanly 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 current home loan
- All loans must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer
How to Apply
Find out more about SONYMA’s application procedure and your skill to be ready.