SONYMA has two main mortgage programs, attaining the Dream and low interest.


Both programs are outlined with this web web page and therefore are built to assist you in finding the true house you’ve constantly desired at a repayment you really can afford.

SONYMA provides optional advance payment advice about all home loan programs and all sorts of programs could be coupled with other funds and subsidies.

Attaining the fantasy

Our cheapest interest program, attaining the Dream is made to optimize the amount you really can afford with just minimal advance payment needed.

Reaching the Dream Qualities and Benefits

  • 30-year rate mortgage that is fixed
  • No points
  • Deposit requirement only 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 interest hair for current housing
  • 240-day rate of interest hair for properties under construction or rehabilitation, cooperatives or sales that are distressed
  • May be along with other SONYMA special features
  • Other funds and subsidies could be incorporated with no restriction

Interest Levels

Available Loan Options and Improvements

Reaching the Dream additionally works together with other programs that are SONYMA help people who need assistance with down payments, home repairs, and remodeling.

Find out more about advance payment support in reducing your upfront expenses.

Find out more about just how to purchase the remodeling or fixing the house purchasing that is you’re.

Discover how buying a home that is vacant certain specified areas could qualify you for additional funds for repairs and renovating.


Individual Needs
  • You really must be a first-time customer (unless you will be an qualified military veteran or buying a house in a Target Area)
  • You’ll need good credit, stable work, plus the capability to make home loan repayments while nevertheless fulfilling previous debt burden
  • You need to occupy the house as the main residence
  • You will require either 1 or 3percent regarding the cost (according to which kind of home you’re buying) in verifiable money, cost savings or any other assets
  • Regional income limitations use and differ by county
Home Needs
  • The house must certanly be based in brand brand brand New York State
  • Sales price and appraised value cannot go beyond SONYMA’s limitations particular for this system, which differ by area
  • Agricultural utilize not permitted.
  • The home must certanly be among the property that is following:
    • A preexisting or newly built home that is single-familyincludes condominiums and co-ops)

    Two, three, or four house this is certainly at the least 5 years old as of the SONYMA application for the loan date and it has been utilized just as 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 meet or exceed five acres and should have no less than 500 square foot of living area (exceptions could be made on a basis that is case-by-case
  • Purchasers of the condominium or co-op device must satisfy specific requirements that are special.
  • Note: you may possibly be eligible for SONYMA financing in the event that you currently have a domestic investment home or holiday house under particular circumstances.

    Extra Considerations:

    • Candidates must finish a homebuyer training program
    • All loans with not as much as a 20per cent advance payment will require mortgage that is private (PMI)
    • Borrowers can be susceptible to a recapture tax that is reimbursable.
    • Funds are restricted and available for a first-come, first-served foundation
    • Both devices in a two-family house needs to be found in the exact same building
    • Qualities with devices much more than one building aren’t permitted
    • SONYMA mortgages are non-assumable and cannot be employed to refinance a preexisting home loan
    • All loans needs to be authorized for pool insurance coverage by SONYMA’s home loan pool insurer