Overview
The State of New York Mortgage Agency (SONYMA)’s loan programs offer qualified low- and moderate- income homebuyers affordable financing on manufactured homes that are permanently affixed to a foundation.
Loans can be used to:
- Finance the purchase of a new or used manufactured home
- Site the home on leased land in a community, land you own, or land you would like to purchase
- Refinance debt on your existing manufactured home
Features and Benefits
- 30-year fixed rate loan
- No points
- Down payment requirement as low as 3% (and 3% down payment assistance available)
- Minimum cash contribution of 1%
- No prepayment penalties
- 120-day interest rate locks
- Can be combined with other SONYMA special features
- Other grants and subsidies can be included with no limit
- More details may be found on the term sheet
Interest Rates
Learn more about down payment assistance to help reduce your upfront costs.
Manufactured home communities must onboard with SONYMA in advance to be eligible for financing. Communities who wish to onboard may email [email protected].
Community Owners
Manufactured home park community owners must officially onboard with SONYMA in order to offer this product to current and prospective homebuyers. The process for onboarding include: 1) filling out a completed questionnaire and waiting to receive an approval letter. Once approved, parks will be listed on our website where consumers will be able to see where this product is being offered.
A fillable community questionnaire is provided below, including an FAQ and our program flyer. All completed applications need to be submitted via email to: [email protected]
How to Apply
Interested in applying for a SONYMA loan to purchase a manufactured home or refinance debt on your existing manufactured home?
- Call 800-382-HOME (4663) or click here to connect with the SONYMA team
- Email [email protected].