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 support you in finding the house you’ve constantly desired at a payment you’ll manage.

SONYMA provides optional advance payment help with all home loan programs and all sorts of programs could be along with other funds and subsidies.

Attaining the fantasy

Our lowest rate of interest system, attaining the Dream was created to optimize the total amount you’ll pay for with just minimal advance payment needed.

Reaching the Dream Qualities and Benefits

• 30-year rate mortgage that is fixed
• No points
• Deposit requirement as little as 3% (and 3% deposit support available)
• Minimal 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 along with other SONYMA features that are special
• Other funds and subsidies may be added to no restriction

Rates Of Interest

Available Loan Options and Improvements

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

Find out more about advance payment assistance in reducing your upfront costs.

Find out more about just how to pay money for the remodeling or fixing your home you’re purchasing.

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

Eligibility

Individual Needs

• You truly must be a buyer that is first-time you might be a qualified armed forces veteran or buying a house in a Target Area)
• You will require good credit, stable work, plus the capability to make mortgage repayments while nevertheless fulfilling previous debt obligations
• You need to occupy the house as the main residence
• You’ll need either 1 or 3percent associated with purchase price (according to which kind 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 must certanly be situated in brand New York State
• Product Sales price and appraised value cannot go beyond SONYMA’s limitations particular for this scheduled program, which differ by area
• Agricultural utilize not permitted.
• The house needs to be one of the property that is following:
  • A current or newly built home that is single-familyincludes condominiums and co-ops)

  Two, three, or four home this is certainly at the least 5 years old at the time of the SONYMA application for the loan date and it has been used only as being a residence in the past 5 years

• A home that is two-family in a Target Area (needs to be either newly constructed or built in online payday loans New Mexico the 5 years ahead of your application for the loan)
• The home cannot surpass five acres and will need to have no less than 500 square foot of liveable space (exceptions could be made on a case-by-case foundation)

Note: you may possibly be eligible for SONYMA financing in the event that you currently possess a domestic investment home or holiday house under specific circumstances.

Extra Factors:

• Candidates must finish a homebuyer training program
• All loans with significantly less than a 20per cent advance payment will need personal home loan insurance coverage (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 located in the exact same building
• Qualities with units much more than one building are not permitted
• SONYMA mortgages are non-assumable and should not be employed to refinance a preexisting home loan
• All loans must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer

Simple tips to utilize

Find out more about SONYMA’s application procedure and what can be done to prepare yourself.