SONYMA has two main home loan programs, attaining the Dream and low-value interest. Both programs are outlined with this web web page and are also made to assist you in finding the true house you’ve constantly desired at a payment it is possible to manage.
SONYMA provides optional advance payment advice about all home loan programs and all sorts of programs may be coupled with other grants and subsidies.
Achieving the Dream
Our interest rate program that is lowest, attaining the Dream is made to optimize the quantity you really can afford with just minimal deposit needed.
Attaining the Dream Qualities and Benefits
- 30-year fixed price home loan
- No points
- Advance payment requirement only 3% (and 3% advance payment support available)
- Minimal money share of just one% (3% for co-ops)
- Readily available for 1-4 family members domiciles, cooperatives and condominiums
- No prepayment charges
- 120-day rate of interest hair for current housing
- 240-day interest hair for properties under construction or rehabilitation, cooperatives or sales that are distressed
- May be along with other SONYMA features that are special
- Other funds and subsidies may be incorporated with no restriction
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Interest Levels
Available Loan Options and Improvements
Attaining the Dream additionally works together other SONYMA programs to assist those that need help with down re re payments, home repairs, and renovating.
Find out more about advance payment support in reducing your costs that are upfront.
Find out more about simple tips to pay money for the remodeling or fixing your home you’re purchasing.
Discover how buying a home that is vacant certain specific areas could qualify you for extra funds for repairs and renovating.
Eligibility
Individual Requirements
- You truly must be a first-time customer (unless you will be a qualified armed forces veteran or buying a property in a Target Area)
- You’ll need good credit, stable work, in addition to capability to make home loan repayments while nevertheless fulfilling previous debt burden
- You have to occupy the home as the main residence
- You will require either 1 or 3percent regarding the price (dependent on which kind of home you’re buying) in verifiable money, cost cost cost savings or other assets
- Regional income restrictions use and differ by county
Home Needs
- The house needs to be positioned in brand New York State
- Sales price and appraised value cannot go beyond SONYMA’s restrictions certain for this program, which differ by area
- Agricultural utilize not permitted.
- The house must certanly be among the after home types:
- A current or newly built single-family house (includes condominiums and co-ops)
Two, three, or four house this is certainly at the very least 5 years old at the time of the SONYMA application for the loan date and has now been utilized just as being a residence in the past 5 years
- A home that is two-family in a Target Area (needs to be either newly built or built in the 5 years just before your application for the loan)
- The home cannot surpass five acres and need at the least 500 square foot of living area (exceptions might be made for a basis that is case-by-case
Note: you may possibly be eligible for a SONYMA financing in the event that you currently possess an investment that is residential or getaway house under specific circumstances.
Extra Factors:
- Applicants must finish a homebuyer training program
- All loans with significantly less than a 20per cent advance payment will demand personal home loan Insurance (PMI)
- Borrowers could be susceptible to a reimbursable recapture income tax.
- Funds are restricted and available on a first-come, first-served foundation
- Both units in a two-family home should be found in the exact same building
- Characteristics with devices much more than one building aren’t permitted
- SONYMA mortgages are non-assumable and should not be employed to refinance a preexisting mortgage
- All loans needs to be authorized for pool insurance coverage by SONYMA’s mortgage pool insurer
Simple tips to utilize
Find out about SONYMA’s application process and your skill to be ready.