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 on this web page consequently they are built to support you in finding the house you’ve constantly desired at a repayment you really can afford.

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

Attaining the fantasy

Our interest rate program that is lowest, attaining the Dream is made to optimize the total amount you really can afford with reduced deposit needed.

Reaching 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)
  • Minimal money contribution of just one% (3% for co-ops)
  • online installment loans

  • Readily available for 1-4 family members domiciles, cooperatives and condominiums
  • No prepayment charges
  • 120-day rate of interest locks for existing housing
  • 240-day interest hair for properties under construction or rehabilitation, cooperatives or troubled product sales
  • Could be coupled with other SONYMA features that are special
  • Other funds and subsidies is added to no limitation

Interest Levels

Available Loan Options and Improvements

Reaching the Dream also works together other programs that are SONYMA help those that need assistance with down re re payments, home repairs, and renovating.

Find out more about deposit support in reducing your costs that are upfront.

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

Discover how purchasing a home that is vacant certain specified areas could qualify you for extra funds for repairs and renovating.


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

    Two, three, or four home this is certainly 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 (needs to be either newly built or built inside the 5 years ahead of your application for the loan)
  • The house cannot surpass five acres and will need to have a 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 product must satisfy specific unique demands.
  • Note: you could be eligible 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 significantly less than a 20per cent down payment will need mortgage that is private (PMI)
    • Borrowers might be susceptible to a recapture tax that is reimbursable.
    • Funds are restricted and available on 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 much more than one building aren’t permitted
    • SONYMA mortgages are non-assumable and should not be employed to refinance a preexisting home loan
    • All loans should be authorized for pool insurance by SONYMA’s home loan pool insurer