SONYMA has two mortgage that is primary, Achieving the Dream and low-value interest. Both programs are outlined about this web page and they are made to assist you in finding the house you’ve constantly wanted at a repayment you really can afford.

SONYMA offers optional deposit advice about all home loan programs and all sorts of scheduled programs could be coupled with other funds and subsidies.

Reaching the fantasy

Our cheapest interest program, attaining the Dream was created to optimize the total amount you really can afford with just minimal advance payment required.

Reaching the Dream Qualities and Benefits

• 30-year fixed price home loan
• No points
• Deposit requirement as low as 3% (and 3% advance payment help available)
• Minimum cash share of just one% (3% for co-ops)
• Readily available for 1-4 family members houses, cooperatives and condominiums
• No prepayment charges
• 120-day rate of interest hair for existing housing
• 240-day interest hair for properties under construction or rehabilitation, cooperatives or sales that are distressed
• Could be along with other SONYMA unique features
• Other funds and subsidies may be added to no limitation

Rates Of Interest

Available Loan Options and Improvements

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

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

Find out about simple tips to purchase the remodeling or restoring your home purchasing that is you’re.

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

Eligibility

Individual Specifications

• You need to be a buyer that is first-time you might be a qualified armed forces veteran or buying a property in a Target Area)
• You will require good credit, stable work, therefore the capability to make mortgage repayments while nevertheless meeting previous debt burden
• You have to occupy the house as your main residence
• You’ll need either 1 or 3percent associated with price (dependent on which kind of home you’re buying) in verifiable money, cost cost savings or any other assets
• Regional income restrictions use and differ by county

Property Needs

• The house should be positioned in brand brand New York State
• Sales price and appraised value cannot go beyond SONYMA’s limitations certain to the program, which differ by area



• Agricultural utilize not permitted.
• The home should be among the after home types:
  • A current or newly built single-family home (includes condominiums and co-ops)

  Two, three, or four home that is at the least 5 years old at the time of the SONYMA application for the loan date and it has been utilized just as a residence in the past 5 years

• A two-family house situated in a Target Area (should be either newly built or built inside the 5 years ahead of your application for the loan)
• The house cannot go beyond five acres and should have at the least 500 square foot of living area (exceptions can be made on a basis that is case-by-case

Note: you might be eligible for a SONYMA financing if you currently possess an investment that is residential or vacation house under particular circumstances.

Extra Factors:

• Candidates must finish a homebuyer training program
• All loans with lower than a 20per cent advance payment will need personal home loan insurance coverage (PMI)
• Borrowers could be susceptible to a reimbursable recapture taxation.
• Funds are restricted and available for a first-come, first-served foundation
• Both units in a two-family house must certanly be found in the exact same building
• Characteristics with devices much more than one building aren’t permitted
• SONYMA mortgages are non-assumable and should not be employed to refinance an existing home loan
• All loans needs to be authorized for pool insurance by SONYMA’s home loan pool insurer

Simple tips to use

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