SONYMA has two mortgage that is primary, attaining the Dream and low-value interest.

SONYMA has two mortgage that is primary, attaining the Dream and low-value interest.

SONYMA has two mortgage that is primary, attaining the Dream and low-value interest.


Both programs are outlined with this page and are also built to support you in finding the house you’ve constantly wanted at a repayment you really can afford.

SONYMA offers optional advance payment help with all home loan programs and all sorts of scheduled programs may be coupled with other funds and subsidies.

Attaining the fantasy

Our cheapest interest rate system, attaining the Dream was created to optimize the quantity you really can afford with reduced advance payment required.

Attaining the Dream Qualities and Benefits

  • 30-year fixed price home loan
  • No points
  • Deposit requirement only 3% (and 3% advance payment help available)
  • Minimal money share of just one% (3% for co-ops)
  • Readily available for 1-4 family houses, 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 troubled product sales
  • Are along with other SONYMA features that are special
  • Other funds and subsidies are incorporated with no restriction

Interest Levels

Available Loan Options and Enhancements

Reaching the Dream additionally works together other SONYMA programs to assist those that 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 home that is vacant certain specified areas could qualify you for extra funds for repairs and renovating.


Individual Needs
  • You truly must be a buyer that is first-time you’re a qualified armed forces veteran or buying a property in a Target Area)
  • You will require credit that is good stable work, while the capacity to payday loans online make mortgage repayments while nevertheless fulfilling previous debt burden
  • You have to occupy the home as your main residence
  • You’ll need either 1 or 3percent associated with the price (according to which kind of property you’re buying) in verifiable money, savings or other assets
  • Regional income limitations use and vary by county
Home Needs
  • The home must certanly be positioned in brand brand New York State
  • Product Sales price and appraised value cannot go beyond SONYMA’s restrictions certain to the scheduled system, which differ by area
  • Agricultural utilize not permitted.
  • The house must certanly be one of several after home kinds:
    • A current or newly built home that is single-familyincludes 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 it has been utilized just as being a residence in the past 5 years

  • A two-family house situated in a Target Area (must certanly be either newly built or built inside the 5 years ahead of your application for the loan)
  • The home cannot surpass five acres and should have at the least 500 square foot of liveable space (exceptions could be made on a basis that is case-by-case
  • Purchasers of a condominium or co-op product must satisfy specific requirements that are special.
  • Note: you’ll be eligible for SONYMA financing in the event that you currently have an investment that is residential or holiday home under particular circumstances.

    Additional Factors:

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

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