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
- Other grants and subsidies can be included with no limit
- More details may be found on the term sheet
- Financing is only available in manufactured housing communities which have been approved by SONYMA - a list of approved communities may be found here
SONYMA is currently offering MH DPAL Plus, a limited, enhanced down payment assistance loan, for low-income homebuyers. Up to $30,000 to assist with down payment, closing costs, single premium private mortgage insurance, and/ or pay off existing personal property loan debt, retail installment or other debt obligations on a manufactured home.
Learn more about SONYMA's other down payment assistance to help reduce your upfront costs.
Interest Rates
Manufactured home communities must onboard with SONYMA in advance to be eligible for financing. Communities who wish to onboard may email [email protected].
Funding Opportunity
The State of New York Mortgage Agency “SONYMA” invites eligible applicants to apply for the Manufactured Home Purchase Counselor funding opportunity, aimed to increase participation in a new SONYMA manufactured home loan product. The funding may be used to support a full-time Case Manager who will be responsible for conducting outreach to potential manufactured homebuyers and assisting them through the entire loan approval and home purchase process.
This Notice of Funding Availability is open to certified Community Development Financial Institutions (CDFI), state supervised not-for-profit lending institutions, or not-for-profit Credit Unions who are approved lenders under the State of New York Mortgage Corporation (SONYMA) Manufactured Home Loan Program.
Applications accepted on an ongoing basis.
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
Ready to apply for a SONYMA loan to purchase a manufactured home? Click the button below:
- Call 800-382-HOME (4663) or click here to connect with the SONYMA team
- Email [email protected]