Achieving The Dream Program

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.