Highlights of SONYMA:

• Down payment assistance available
• As little as 3% down payment
• Competitive interest rates
• Optional Add-ons for qualified borrowers

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.

Optional Add-Ons for SONYMA Mortgage Programs:

Down Payment Assistance Loan (DPAL)* - Offering a 0% interest rate loan that may be used for a down payment, closing costs, and single premium mortgage insurance. This enhancement does not have a monthly payment and is forgiven after 10 years.

DPAL PLUS* Achieving the Dream – A 0% interest rate loan of up to $30,000, you may use these funds to pay down payment, closing costs, and single premium mortgage insurance. This enhancement does not have a monthly payment and is forgiven after 10 years. Available for first-time homebuyers, US military veterans who have not been dishonorably discharged, or those purchasing within a federally designated area.

Credit is Due – More flexible underwriting and qualifying standards than standard SONYMA programs. Qualified borrowers only need to contribute 1% of funds for most property types, with no cash reserves required except under certain circumstances. Up to 2.0% interest rate reduction off applicable SONMYA rate applied in .25% increments based on applicant need to achieve loan approval.

• Enhanced Down Payment Assistance Loan (eDPAL)* – A 0% interest rate loan of up to $30,000 that can be used to pay your down payment, closing costs, and single premium private mortgage insurance. This enhancement does not have a monthly payment and is forgiven after 10 years.

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. *DPAL, DPAL PLUs & EDPAL are tied to the property for 10 years. If sold prior to 10 years, the balance is subject to a recapture fee.}