Achieving The Dream Program

Achieving The Dream Program


SONYMA's Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low downpayment mortgage financing on 1-4 family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at a very low fixed interest rate.

Program Features

  • Very low fixed interest rate

  • No points

  • Financing of up to 97% of the value of the property for qualified borrowers and homes (for three and four family dwellings the maximum financing is 90%, and for the cooperative apartments, the maximum financing is 95%)

  • A low minimum borrower cash contribution requirement of 1% of the value of the property (3% for three and four family dwellings & for cooperative apartments).

  • 120 day interest rate locks for existing housing (short term lock in) and 240 days for properties under construction or rehabilitation (long term lock in);

  • Term of 30 years only

  • No prepayment penalties

  • Down Payment Assistance of $3,000 or 3% of the home purchase price (not to exceed $15,000)

Eligible Borrowers

Applicants and borrowers must meet the following list of requirements.


  • You must be a first time homebuyer as defined by SONYMA (This requirement is waived for eligible military veterans and their household members or for borrowers seeking to purchase a home located in a Federally designated Target Area.  See Exceptions for Borrowers for more details)
  • You must meet SONYMA's credit underwriting standards.
  • You must have a steady job, good credit history, sufficient income to make the mortgage payment and meet other debt payments, and sufficient cash, savings, or other assets for downpayment and closing costs.
  • You must meet SONYMA's Household Income Limit requirements and occupy the SONYMA-financed home as their permanent residence.


Note: If you currently own a residential investment or vacation home and you intend to retain ownership of the home, you will not qualify for SONYMA financing.