SONYMA has two main home loan programs, Achieving the Dream and low-value interest. Both programs are outlined about this page and generally are built to assist you in finding the true house you’ve constantly desired at a repayment you really can afford.
SONYMA offers optional advance payment advice about all home loan programs and all sorts of scheduled programs may be coupled with other funds and subsidies.
Attaining the Dream
Our interest rate program that is lowest, attaining the Dream is made to optimize the total amount you’ll pay for with just minimal advance payment needed.
Attaining the Dream Features and Benefits
- 30-year rate mortgage that is fixed
- No points
- Advance payment requirement as low as 3% (and 3% deposit help available)
- Minimum money share of just one% (3% for co-ops)
- Readily available for 1-4 family members domiciles, cooperatives and condominiums
- No prepayment charges
- 120-day rate of interest hair for current housing
- 240-day interest hair for properties under construction or rehabilitation, cooperatives or sales that are distressed
- Could be combined with other SONYMA special features
- Other funds and subsidies are incorporated with no limitation
Rates Of Interest
Available Loan Options and Enhancements
Attaining the Dream additionally works together other programs that are SONYMA help people who need assistance with down re payments, home repairs, and remodeling.
Find out more about advance payment help in reducing your costs that are upfront.
Find out more about just how to purchase the remodeling or fixing your home you’re purchasing.
Learn how purchasing a vacant house in certain specific areas could qualify you for extra funds for repairs and renovating.
- You need to be a buyer that is first-time you may be a qualified armed forces veteran or buying a house in a Target Area)
- You’ll need good credit, stable work, additionally the capability to make home loan repayments while nevertheless meeting previous debt burden
- You need to occupy the home as your main residence
- You’ll need either 1 or 3percent associated with cost (according to which kind of home you’re buying) in verifiable money, cost savings or other assets
- Regional income limitations apply and differ by county
- The house needs to be positioned in brand New York State
- Product Sales price and appraised value cannot go beyond SONYMA’s limitations particular to the system, which differ by area
- Agricultural utilize not permitted.
- The home must certanly be among the property that is following:
- A preexisting or newly built single-family house (includes condominiums and co-ops)
Two, three, or four house that is at the least 5 years old as of the SONYMA application for the loan date and it has been utilized just as a residence in the past 5 years
- A home that is two-family in a Target Area (should be either newly built or constructed in the 5 years just before your application for the loan)
- The house cannot go beyond five acres and need at the least 500 square foot of living space (exceptions can be made for a case-by-case foundation)
Note: you could be eligible for SONYMA financing in the event that you currently have a domestic investment home or getaway house under particular circumstances.
- Candidates must finish a homebuyer training program
- All loans with significantly less than a 20per cent advance payment will need mortgage that is private (PMI)
- Borrowers might be susceptible to a reimbursable recapture income tax.
- Funds are restricted 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
- Characteristics with devices in more than one building aren’t permitted
- SONYMA mortgages are non-assumable and should not be employed to refinance a current home loan
- All loans should be authorized for pool insurance coverage by SONYMA’s home loan pool insurer
Simple tips to Apply
Find out more about SONYMA’s application procedure and your skill to prepare yourself.