Low Interest Rate Program

SONYMA’s low interest rate program offers lower down payment requirements and competitive interest rates to qualified buyers. This program allows for the purchase of 1-4 family homes, condominiums, cooperatives, and manufactured homes.


Low Interest Rate Program 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

View Current Interest Rates


Available Loan Options and Enhancements

Achieving the Dream also works with other SONYMA programs to assist those who need help with down payments, home repairs, and remodeling.


Learn more about down payment assistance to help reduce your upfront costs. 


Learn more about how to pay for the remodeling or repairing the home you’re purchasing.


Find out how purchasing a vacant home in certain areas could qualify you for additional funds for repairs and remodeling.


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

Property Requirements

  • The property must be located in New York State
  • Sales price 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
    • A two-family home located in a Target Area (must be either newly constructed or constructed within the five years prior to your loan application) 
    • 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 will not qualify for SONYMA financing if you currently own a residential investment property or vacation home and intend to retain ownership.

Additional Considerations

  • 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
  • All of the units in a two- to four-family home must be located in one building. Properties with units in separate building structures 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

How to Apply

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