SONYMA has two mortgage that is primary, attaining the Dream and low-value interest. Both programs are outlined about this web page and therefore are made to support you in finding the house you’ve constantly desired at a repayment it is possible to manage.
SONYMA provides optional advance payment advice about all home loan programs and all sorts of scheduled programs may be coupled with other funds and subsidies.
Reaching the fantasy
Our interest rate program that is lowest, attaining the Dream was created to optimize the total amount you’ll pay for with just minimal deposit needed.
Reaching the Dream Qualities and Benefits
- 30-year rate mortgage that is fixed
- No points
- Advance payment requirement as little as 3% (and 3% advance payment support available)
- Minimal money share of just one% (3% for co-ops)
- Designed for 1-4 family members domiciles, cooperatives and condominiums
- No prepayment charges
- 120-day rate of interest hair for current housing
- 240-day rate of interest hair for properties under construction or rehabilitation, cooperatives or troubled product sales
- Is coupled with other SONYMA features that are special
- Other funds and subsidies could be added to no restriction
Available Loan Options and Improvements
Attaining the Dream also works together other SONYMA programs to help people who need assistance with down re payments, home repairs, and renovating.
Find out more about advance payment help in reducing your costs that are upfront.
Find out about simple tips to purchase the remodeling or fixing the house purchasing that is you’re.
Learn how buying a vacant house in certain specified areas could qualify you for extra funds for repairs and renovating.
- You need to be a first-time customer (unless you may be an qualified armed forces veteran or buying a property in a Target Area)
- You’ll need good credit, stable work, plus the power to make home loan repayments while nevertheless fulfilling previous debt burden
- You have to occupy the home as the main residence
- You’ll need either 1 or 3percent regarding the price (according to which kind of home you’re buying) in verifiable money, cost savings or other assets
- Regional income limitations use and differ by county
- The property must certanly be based in brand brand New York State
- Product product Sales price and appraised value cannot exceed SONYMA’s limitations particular for this system, which differ by area
- Agricultural utilize not permitted.
- The house needs to be among the following home kinds:
- A current or newly built home that is single-familyincludes condominiums and co-ops)
Two, three, or four home that is at the least 5 years old as of the SONYMA application for the loan date and contains been utilized just being a residence in the past 5 years
- A two-family house located in a Target Area (needs to be either newly built or built in the 5 years ahead of your application for the loan)
- The house cannot go beyond five acres and should have a the least 500 square foot of living area (exceptions may be made for a basis that is case-by-case
Note: you may possibly be eligible for SONYMA financing if you currently have a domestic investment home or getaway house under specific circumstances.
- Candidates must finish a homebuyer training program
- All loans with significantly less than a 20per cent advance payment will need personal home loan insurance coverage (PMI)
- Borrowers can be susceptible to a reimbursable recapture income tax.
- Funds are restricted and available for a first-come, first-served foundation
- Both devices in a two-family house should be found in the building that is same
- Qualities with devices much more than one building aren’t permitted
- SONYMA mortgages are non-assumable and cannot be employed to refinance a mortgage that is existing
- All loans must certanly be authorized for pool insurance coverage by SONYMA’s home loan pool insurer
Simple tips to Apply
Find out about SONYMA’s application procedure and you skill to prepare yourself.