SONYMA has two mortgage that is primary, attaining the Dream and low interest.

SONYMA has two mortgage that is primary, attaining the Dream and low interest.


Both programs are outlined with this web page and so are made to assist you in finding the house you’ve constantly desired at a payment it is possible to manage.

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

Reaching the fantasy

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

Reaching the Dream Features and Benefits

  • 30-year fixed price home loan
  • No points
  • Deposit requirement only 3% (and 3% advance payment support available)
  • Minimal money share of just one% (3% for co-ops)
  • Designed for 1-4 family members houses, 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 sales that are distressed
  • Could be along with other SONYMA special features
  • whats a cash advance

  • Other grants and subsidies could be incorporated with no restriction

Interest Levels

Available Loan Options and Improvements

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

Find out more about deposit support in lowering your upfront expenses.

Find out more about simple tips to pay money for the remodeling or fixing your home purchasing that is you’re.

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


Individual Needs
  • You should be a buyer that is first-time you’re an qualified armed forces veteran or buying a house in a Target Area)
  • You will require good credit, stable work, additionally the power to make home loan repayments while still fulfilling previous debt burden
  • You have to occupy the home as the main residence
  • You’ll need either 1 or 3percent for the price (dependent on which kind of home purchasing that is you’re in verifiable money, cost cost cost savings or other assets
  • Regional income limitations apply and differ by county
Property Demands
  • The house must certanly be positioned in brand brand brand New York State
  • Product Sales price and appraised value cannot go beyond SONYMA’s restrictions particular to the scheduled system, which differ by area
  • Agricultural utilize not permitted.
  • The home must certanly be among the property that is following:
    • A preexisting 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 contains been utilized just as being a residence in the past 5 years

  • A home that is two-family in a Target Area (must certanly be either newly constructed or built in the 5 years ahead of your application for the loan)
  • The property cannot surpass five acres and should have a the least 500 square foot of living area (exceptions could be made on a basis that is case-by-case
  • Purchasers of the condominium or co-op device must satisfy particular unique requirements.
  • Note: you could be eligible for SONYMA financing if you currently possess a domestic investment home or getaway home under specific circumstances.

    Extra Factors:

    • Candidates must finish a homebuyer training program
    • All loans with not as much as a 20per cent advance payment will need mortgage that is private (PMI)
    • Borrowers can be susceptible to a reimbursable recapture taxation.
    • Funds are restricted and available on a first-come, first-served foundation
    • Both devices in a two-family house must certanly be found in the building that is same
    • Characteristics 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

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