SONYMA has two mortgage that is primary, attaining the Dream and low-value interest. Both programs are outlined with this web page and therefore are made to support you in finding the true house youвЂ™ve constantly desired at a repayment you really can afford.
SONYMA provides optional deposit help with all home loan programs and all programs may be along with other grants and subsidies.
Our cheapest interest system, attaining the Dream was created to optimize the quantity you really can afford with reduced advance payment needed.
Reaching the Dream Qualities and Benefits
30-year fixed price home loan
Advance payment requirement as little as 3% (and 3% deposit support available)
Minimal money share of just one% (3% for co-ops)
Designed for 1-4 family members houses, cooperatives and condominiums
No prepayment penalties
120-day rate of interest hair for existing housing
240-day rate of 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 are incorporated with no limit
Available Loan Options and Improvements
Attaining the Dream additionally works together with other SONYMA programs to help those that need assistance with down re payments, home repairs, and renovating.
Find out more about advance payment help in reducing your costs that are upfront.
Find out about simple tips to pay money for the remodeling or fixing the house purchasing that is youвЂ™re.
Discover how investing in a home that is vacant certain specific areas could qualify you for extra funds for repairs and renovating.
You need to be a first-time buyer (unless you may be a qualified armed forces veteran or purchasing a house in a Target Area)
You’ll need good credit, stable work, and also the power to make mortgage repayments while nevertheless fulfilling previous debt obligations
You need to occupy the home as the main residence
You will require either 1 or 3percent of this price (according to which kind of home purchasing that is youвЂ™re in verifiable money, cost cost savings or other assets
Regional income restrictions use and differ by county
The home must certanly be situated in brand brand New York State
product Sales price and appraised value cannot go beyond SONYMA’s restrictions certain to the scheduled system, which differ by area
Agricultural utilize not permitted.
The home should 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 house this is certainly at the least 5 years old as 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 (needs to be either newly built or built inside the 5 years just before your application for the loan)
The house navigate to the website cannot meet or exceed five acres and need at the least 500 square foot of living area (exceptions could be made for a basis that is case-by-case
Purchasers of a condominium or co-op unit must satisfy specific requirements that are special.
Note: you could be eligible for SONYMA financing in the event that you currently possess a residential investment home or getaway house under particular circumstances.
Candidates must finish a homebuyer education program
All loans with significantly less than a 20per cent deposit will demand mortgage that is private (PMI)
Borrowers can be at the mercy of a recapture tax that is reimbursable.
Funds are restricted and available on a first-come, first-served foundation
Both units in a two-family house needs to be located in the building that is same
Characteristics with units much more than one building aren’t permitted
SONYMA mortgages are non-assumable and should not be employed to refinance a mortgage that is existing
All loans must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer
How to Apply
Find out about SONYMAвЂ™s application procedure and your skill to be ready.