Achieving the Dream Program

Our lowest interest rate program, Achieving the Dream is designed to maximize the amount you can afford with minimal down payment required.

Achieving the Dream Features and Benefits

• 30-year fixed rate mortgage
• No points
• Down payment requirement as low as 3% (and 3% down payment assistance available)
• Minimum cash contribution of 1% (3% for co-ops)
• Available for 1-4 family homes, cooperatives and condominiums
• No prepayment penalties
• 120-day interest rate locks for existing housing
• 240-day interest rate locks for properties under construction or rehabilitation, cooperatives or distressed sales
• Can be combined with other SONYMA special features
• Other grants and subsidies can be included with no limit

Interest Rates

 Individual Requirements

• You must be a first-time buyer (unless you are an eligible military veteran or purchasing a home in a Target Area)
• You will need good credit, stable employment, and the ability to make mortgage payments while still meeting prior debt obligations
• You must occupy the property as your primary residence
• You will need either 1 or 3% of the purchase price (depending on which type of property you’re purchasing) in verifiable cash, savings or other assets
• Regional income limits apply and vary by county

• The property must be located in New York State
• Sales price and appraised value cannot exceed SONYMA's limits specific to this program, which vary by region
• Agricultural use not permitted.
• The property must be one of the following property types:
  • An existing or newly constructed single-family home (includes condominiums and co-ops)
  • Two, three, or four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years
  • The property cannot exceed five acres and must have a minimum of 500 square feet of living space (exceptions may be made on a case-by-case basis)
• Purchasers of a condominium or co-op unit must satisfy certain special requirements.

Note: You may qualify for SONYMA financing if you currently own a residential investment property or vacation home under certain circumstances.

• Applicants must complete a homebuyer education course
• All loans with less than a 20% down payment will require Private Mortgage Insurance (PMI)
• Borrowers may be subject to a reimbursable recapture tax.
• Funds are limited and available on a first-come, first-served basis
• Both units in a two-family home must be located in the same building
• Properties with units in more than one building are not allowed
• SONYMA mortgages are non-assumable and cannot be used to refinance an existing mortgage
• All loans must be approved for pool insurance by SONYMA's mortgage pool insurer

Learn more about SONYMA’s application process and what you can do to be prepared.