Highlights of SONYMA:

• Competitive fixed interest rates
• Down payment assistance available for eligible buyers
• Down payments as low as 3% for eligible borrowers and programs
• Rate locks available

What is SONYMA?

The State of New York Mortgage Agency (SONYMA) is a public authority that was established by the state government in 1970. SONYMA was created to provide low- and moderate-income residents of New York State with opportunities for affordable homeownership. Each program features competitive interest rates, no prepayment penalties, low down payments, and down payment assistance.

SONYMA Mortgage Programs We Offer:

Achieving the Dream – Achieving the Dream features the lowest interest rates available through SONYMA.  This program is available to lower income first-time homebuyers and eligible veterans.

Low Interest Rate Program – Featuring low down payment requirements and competitive interest rates, this SONYMA program is available for first-time homebuyers purchasing a new construction or existing home.

Homes for Veterans – Exclusively for active service members, veterans, and their spouses, the Homes for Veterans program has lower interest rates than the standard SONYMA mortgage and is available with down payment assistance.

Optional Add-Ons for SONYMA Mortgage Programs:

• Down Payment Assistance Loan (DPAL) – Available to all buyers using a SONYMA mortgage program, may be used toward down payment and/or closing costs; eligible uses vary by program.
• DPAL PLUS Achieving the Dream – 0% interest loan with no monthly payments; repayment terms and conditions apply. DPAL PLUS Achieving the Dream may be used for down payment, closing costs, and single premium private mortgage insurance.

SONYMA Eligibility Requirements

Like a standard mortgage, SONYMA programs require employment history, asset documentation, and an acceptable credit history. SONYMA loans can only be used for primary residences.

Regional income limits apply and vary by county.

You will benefit from SONYMA if you:

• Are a first-time homebuyer in the state of New York
• Have low- to moderate-income
• Are looking to purchase a primary residence
• Require down payment assistance

For more detailed information about SONYMA please visit their website.

_{Certain program restrictions, conditions, and eligibility requirements apply. First-time homebuyer generally means not having owned a primary residence in the past three years. Program guidelines and availability are subject to change without notice. Homebuyer education is required. Income limits apply. Purchase price limits apply and vary by county and household size. Loans with less than 20% down payment will require PMI.}