SONYMA has two primary mortgage programs, Achieving the Dream and low-value interest.

SONYMA has two primary mortgage programs, Achieving the Dream and low-value interest.


Both programs are outlined with this web web web page and are usually made to support you in finding the true home you’ve constantly desired at a repayment you’ll pay for.

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

Attaining the fantasy

Our interest rate program that is lowest, attaining the Dream is made to optimize the total amount you are able to pay for with reduced advance payment needed.

Reaching the Dream Qualities and Benefits

  • 30-year fixed price home loan
  • No points
  • Advance payment requirement as little as 3% (and 3% deposit help 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 troubled sales
  • Could be along with other SONYMA features that are special
  • Other funds and subsidies may be added to no limitation

Interest Levels

Available Loan Options and Improvements

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

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

Find out about simple tips to pay money for the remodeling or repairing the house you’re purchasing.

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


Individual Needs
  • You really must be a buyer that is first-time you may be an eligible armed forces veteran or buying a house in a Target Area)
  • You’ll need good credit, stable work, together with power to make mortgage repayments while nevertheless meeting previous debt burden
  • You need to occupy the house as your main residence
  • You will require either 1 or 3percent for the price (dependent on which kind of property purchasing that is you’re in verifiable money, cost cost cost savings or any other assets
  • Regional income limitations use and differ by county
Home Demands
  • The property needs to be situated in brand New York State
  • 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 house needs to be among the after home kinds:
    • A current or newly constructed single-family house (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 used just being a residence during 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 ahead of your application for the loan)
  • The house cannot go beyond five acres and will need to have at the least 500 square foot of living area (exceptions could be made for a case-by-case foundation)
  • Purchasers of a condominium or co-op product must satisfy particular unique needs.
  • Note: you may possibly be eligible for SONYMA financing in the event that you currently have an investment that is residential or holiday house under specific circumstances.

    Extra Factors:

    • Candidates must complete a homebuyer training program
    • All loans with significantly less than a 20% deposit will demand Private Mortgage insurance coverage (PMI)
    • Borrowers might be at the mercy of a recapture tax that is reimbursable.
    • Funds are restricted and available for a first-come, first-served foundation
    • Both devices in a two-family home needs to be found in the building that is same
    • Characteristics with devices in 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 by SONYMA’s home loan pool insurer