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What is SONMYA

The State of New York Mortgage Agency (SONYMA) was developed in 1970 to help provide affordable home loans for low to moderate income home buyers. SONYMA loan programs offer down payment assistance, no prepayment fees, competitive interest rates, and low down payment costs.

Types:

SONYMA offers 2 primary types of mortgages:

  • Low Interest Rate – Considered the standard SONYMA loan program, exclusively for first-time home buyers purchasing newly constructed for existing homes.
  • Achieving the Dream – Offers lower interest rates compared to other SONYMA programs. Designed for lower income first time home buyers.

Low Interest Rate

The low interest rate program offers small down payment requirements while providing competitive interest rates.

Features include:

  • No mortgage points
  • Financing up to 97%
  • No prepayment fees
  • Rate lock up to 120 days for existing houses (up to 240 days for properties under construction, rehabilitation, etc.)

Individual eligibility requirements include:

  • Must be a first-time home buyer
  • Generally, a strong credit score and stable employment is needed
  • The home owner must occupy the property as their primary residence

Property requirements include:

  • Property must be located in New York State
  • Must not exceed SONYMA’s sales price limits (sales price limits vary geographically)
  • Not permitted for agricultural use

Eligible property types:

  • Newly constructed or existing single family homes, including condos and co-ops
  • 2-4 family homes that are at least 5 years old and have been resided in within the past 5 years
  • Generally, properties must be within five acres of land and provide a minimum of 500 square feet of living space

Achieving the dream

Offering significantly low interest rates, the program is designed to maximize what’s affordable with minimal down payment requirements.

Features include:

  • No mortgage points
  • Up to 97% financing
  • No prepayment fees
  • Rate lock up to 120 days for existing houses (up to 240 days for properties under construction, rehabilitation, etc.)

Individual eligibility requirements include:

  • Must be a first-time home buyer
  • Generally, a strong credit score and stable employment is needed
  • The home owner must occupy the property as their primary residence

Property requirements include:

  • Property must be located in New York State
  • Must not exceed SONYMA’s sales price limits (sales price limits vary geographically)
  • Not permitted for agricultural use

Eligible property types:

  • Newly constructed or existing single-family homes, including condos and co-ops
  • 2-4 family homes that are at least 5 years old and have been resided in within the past 5 years
  • Generally, properties must be within five acres of land and provide a minimum of 500 square feet of living space

Other programs:

SONYMA does offer 2 additional loan programs, though they are less popular than the previous two:

  • Conventional Plus – Pairs SONYMA’s down payment assistance with a 30-year fixed rate conventional mortgage. Available for both first-time home buyers and those with existing mortgages.
  • FHA Plus – Pairs SONYMA’s down payment assistance with a 30-year fixed FHA Loan. Available for both first-time home buyers and those with existing mortgages.