SONYMA has two main mortgage programs, attaining the Dream and low-value interest. Both programs are outlined about this web web page and are also built to support you in finding the house you’ve constantly desired at a repayment it is possible to pay for.
SONYMA provides optional advance payment help with all home loan programs and all sorts of programs may be coupled with other funds and subsidies.
Attaining the fantasy
Our interest rate program that is lowest, attaining the Dream was designed to optimize the quantity you really can afford with just minimal advance payment required.
Attaining the Dream Qualities and Benefits
- 30-year rate mortgage that is fixed
- No points
- Deposit requirement as little as 3% (and 3% advance payment support available)
- Minimal money share of just one% (3% for co-ops)
- Readily available 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 troubled product sales
- May be coupled with other SONYMA features that are special
- Other grants and subsidies could be incorporated with no limitation
Rates Of Interest
Available Loan Options and Improvements
Attaining the Dream additionally works closely with other programs that are SONYMA help people who need assistance with down re payments, home repairs, and renovating.
Find out more about deposit support in reducing your costs that are upfront.
Find out more about how exactly to pay money for the remodeling or restoring your home you’re purchasing.
Discover how purchasing a vacant house in certain specific areas could qualify you for additional funds for repairs and renovating.
- You need to be a buyer that is first-time you may be an qualified armed forces veteran or buying a property in a Target Area)
- You will require credit that is good stable work, therefore the capacity to make home loan repayments while nevertheless fulfilling previous debt burden
- You need to occupy the house as the main residence
- You will require either 1 or 3percent associated with the cost (according to which kind of home you’re buying) in verifiable money, cost cost savings or other assets
- Regional income restrictions use and vary by county
- The house must certanly be based in brand brand brand New York State
- Product product product Sales price and appraised value cannot go beyond SONYMA’s limitations particular to the system, which differ by area
- Agricultural use not permitted.
- The house needs to be one of several property that is following:
- A preexisting or newly built single-family house (includes condominiums and co-ops)
Two, three, or four home that is at the very least 5 years old as of the SONYMA application for the loan date and has now been utilized just 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 5 years just before your application for the loan)
- The home cannot meet or exceed five acres and should have no less than 500 square foot of living area (exceptions are made for a case-by-case foundation)
Note: you could be eligible for SONYMA financing in the event that you currently possess an investment that is residential or holiday house under certain circumstances.
- Candidates must complete a homebuyer training program
- All loans with significantly less than a 20per cent advance payment will demand mortgage that is private (PMI)
- Borrowers might 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 exact same building
- Qualities with devices much more than one building aren’t permitted
- SONYMA mortgages are non-assumable and cannot be employed to refinance a current home loan
- All loans needs to be authorized for pool insurance coverage by SONYMA’s home loan pool insurer
How to use
Find out about SONYMA’s application process and what can be done to prepare yourself.