Highlights of SONYMA:

• Down payment assistance available
• As little as 3% down payment
• Competitive interest rates

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. The programs from SONYMA help all kinds of borrowers and each features competitive interest rates, no prepayment penalties, low down payments, and down payment assistance.

Types of SONYMA Mortgage Programs We Offer:

Achieving the Dream – Features lower interest rates than any other SONYMA program. Available to lower income first time home buyers.

Low Interest Rate Program – The standard SONYMA mortgage program for a first-time homebuyer purchasing either a newly constructed or existing home.

How SONYMA Mortgages Work:

Much like a standard mortgage, SONYMA loans require employment history, asset documentation, rental verification, and an acceptable credit history. SONYMA loans can only be used on primary residences and no commercial activity is allowed.

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
• Want to take advantage of down payment assistance

For more detailed information about SONYMA please visit their website here.

_{Certain program restrictions, conditions, and eligibility requirements apply. Program guidelines and availability are subject to change without notice. Homebuyer education is required. Income limits apply. Loans with less than 20% down payment will require PMI.}