State of New York Mortgage Agency (SONYMA)
- Down payment assistance
- As little as 3% down
- Competitive interest rates
What is SONYMA?
The State of New York Mortgage Agency (SONYMA) is a public authority that was established by the state government in 1970. SONYMA was created to provide low- and moderate-income residents of New York with opportunities for affordable homeownership. Programs exist under this agency to help all kinds of borrowers and each features competitive interest rates, no prepayment penalties, low down payments, and down payment assistance.
Types of SONYMA mortgage programs:
Achieving the Dream – Features lower interest rates than any other SONYMA program. Available to lower income first time home buyers.
Low Interest Rate Program – The standard SONYMA mortgage program for a first-time homebuyer purchasing either a newly constructed or existing home
How SONYMA works:
Like with most loans, SONYMA will require employment history, asset documentation, rental verification, and an acceptable credit history. SONYMA loans can only be used on primary residences and no commercial activity is allowed.
- Are a first-time homebuyer in the state of New York
- Have low to moderate income
- Are looking to purchase a primary residence
- Want to take advantage of down payment assistance
For more detailed information about SONYMA please visit their website here.