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

Both programs are outlined with this page and are usually built to support you in finding the true house you’ve always desired at a repayment you really can afford.

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

Attaining the fantasy

Our interest rate program that is lowest, attaining the Dream is made to optimize the quantity you really can afford with just minimal advance payment required.

Reaching the Dream Qualities and Benefits

• 30-year rate mortgage that is fixed
• No points
• Advance payment requirement only 3% (and 3% advance payment help available)
• Minimal cash share of just one% (3% for co-ops)
• Designed for 1-4 family members domiciles, cooperatives and condominiums
• No prepayment charges
• 120-day rate of interest hair for current housing
• 240-day rate of interest locks for properties under construction or rehabilitation, cooperatives or sales that are distressed
• May be along with other SONYMA features that are special
• Other funds and subsidies could be incorporated with no restriction

Rates Of Interest

Available Loan Options and Improvements

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

Find out more about advance payment support in lowering your costs that are upfront.

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

Discover how buying a vacant house in certain specified areas could qualify you for extra funds for repairs and renovating.

Eligibility

Individual Needs

• You should be a buyer that is first-time you may be a qualified army veteran or purchasing a house in a Target Area)
• You will require credit that is good stable work, additionally the capacity to make mortgage repayments while nevertheless fulfilling previous debt burden
• You have to occupy the home as your main residence
• You will require either 1 or 3percent for the cost (according to which kind of home you’re buying) in verifiable cash, cost savings or other assets
• Regional income restrictions use and differ by county

Home Needs

• The home must certanly be situated in brand brand brand New York State
• Product Sales price and appraised value cannot exceed SONYMA’s limitations certain to the system, which differ by region
• Agricultural utilize not permitted.
• The house should be among the property that is following:
  • A current or newly constructed single-family house (includes condominiums and co-ops)

  Two, three, or four family home that is at the very least 5 years old at the time of the SONYMA application for the loan date and contains been used only being a residence in the past 5 years

• A home that is two-family in a Target Area (must certanly be either newly built or built inside the five years ahead of your application for the loan)
• The home cannot go beyond five acres and should have at the least 500 square foot of liveable space (exceptions could be made for a case-by-case foundation)

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

Extra Factors:

• Candidates must finish a homebuyer education program
• All loans with not as much as a 20per cent deposit will need 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 house must certanly be found in the building that is same
• Qualities with devices much 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 must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer

How to utilize

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