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OVERVIEW

Home loans are not “one size fits all,” because everyone’s needs are different. That’s why SONYMA offers a variety of low-interest mortgage loans for eligible homebuyers. Find the right program to meet your needs. 

Down Payment Assistance Loan

One of the biggest financial hurdles faced by potential homeowners is the down payment and closing costs. SONYMA’s Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding you need to purchase your first home.

 

If you are required to carry mortgage insurance, a DPAL can be used to cover all or a portion of your premium, which can reduce your monthly mortgage payment significantly.

 

Down Payment Assistance Loan Benefits
  • 0% interest rate
  • No monthly payments 
  • Forgiven after 10 years
  • Minimum loan amount: $1,000
  • Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest

 

Other Important Information About DPALs
  • A Down Payment Assistance Loan cannot exceed your actual down payment and/or closing costs. 
  • Interest rates for first-time mortgages with a DPAL attached will be .375% higher than mortgages without. This higher interest rate does not apply to our Graduate to Homeownership, Homes for Veterans, or ENERGY STAR® programs. 
  • All or a portion of your Down Payment Assistance Loan may be required to be repaid if you sell your home or refinance your mortgage within the first 10 years of purchase.  The amount subject to possible repayment will decrease by 1/120 per month each month you live in the property.  In the event the proceeds from the sale of your home is not enough to pay any repayable amount, the shortage will be forgiven.
  • Regardless of which SONYMA program you apply for, you must make a minimum cash contribution of 1% of the value of the property (3% for cooperatives and 3- and 4-family properties).
  • DPALs may only be used in conjunction with a SONYMA mortgage and may be used for any property type eligible under your chosen mortgage program, including cooperatives.
  • Cash back at closing is not allowed with a DPAL, except in special circumstances.
  • SONYMA will not allow your DPAL to be subordinate to another mortgage.

 

Please remember that not all participating SONYMA lenders offer DPALs. Contact your preferred lender to be sure. Or, view our list of participating SONYMA lenders to find a lender near you.

 

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Remodel NY

Not every house is perfect. Some need a little TLC, and some need a lot. But paying for those repairs—even minor ones—can add up fast. The SONYMA Remodel NY program provides mortgage financing options that let you purchase a property and pay for repairs to turn that almost-perfect house into your perfect home.

 

Remodel NY Benefits
  • Available under our Low Interest Rate and Achieving the Dream programs at the same interest rate
  • May be combined with the Homes for Veterans enhancement program
 
Eligible home improvements include
  • Structural alterations and reconstruction, like finishing a basement, repairing chimneys, and adding garages
  • Remodeling kitchens and bathrooms
  • New free-standing appliances
  • Eliminating health and safety concerns
  • Aesthetic changes, like new siding or paint
  • Plumbing updates
  • Roofing, gutters, and downspouts
  • Flooring
  • Energy conservation updates
  • Major landscaping and site improvements
  • Elevating the home, filling in below grade space or raising mechanicals to lower flood insurance premiums

 

RemodelNY financing is available for existing 1-4 family homes. Planned Unit Developments (PUDs) and condominiums also are eligible, provided the Homeowners Association approves of the proposed renovations.  

 

Download this pdf to get more details now about the Remodel NY program, loan terms, eligibility requirements, and more.

 

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Homes for Veterans

Homeownership is the American dream. But for those who protect and serve our country, that dream can be difficult to make a reality. At SONYMA, we believe in helping our veterans and active service members achieve that dream through low-interest mortgage products designed to make homeownership easier than ever before.

 

Homes for Veterans Benefits
  • Exclusively for active service members, veterans, and their spouses or co-borrowers
  • US Military veterans with an other than dishonorable discharge do not need to be first time homebuyers
  • Also applies to active or honorably discharged members of the National Guard and reservists
  • Interest rates .375% lower than standard SONYMA interest rates for loans with down payment assistance.
  • Down Payment Assistance Loans are available with this program for up to $3,000 or 3% of the purchase price (not to exceed $15,000), whichever is higher.
  • Minimum borrower cash contribution is only 1%; the remaining 2% can come from a gift or other acceptable source
  • No points

 

Requirements
  • You must be either a U.S. military veteran or active duty serviceperson and be able to provide the following documentation with your application:
    • DD214 – Certificate of Release or Discharge from Active Duty or NGB Form 22 – Report of Separation and Record of Service
    • Leave and Earning Statement (required for all active duty U.S. military personnel)
    • Military ID Card (required for ALL active duty U.S. military personnel)
  • Military Veteran's Eligibility Affidavit (SONYMA Form 243) is required only if an eligible veteran or their spouse or co-borrower is not a first-time homebuyer

 

To apply for a SONYMA loan, you must work with one of our participating lenders. Have a look at SONYMA's participating lender list to find the one that’s right for you.

 

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Graduate to Homeownership

The time right after graduation from college is exciting, with new opportunities and the rest of your life ahead of you. Now imagine starting that new life with a home of your own. The Graduate to Homeownership program offers recent college graduates low-interest mortgages, down payment assistance, and homebuyer education resources to purchase their first home in certain upstate New York communities. 

 

Graduate to Homeownership Benefits
  • Competitive 30-year fixed interest rates 
  • May be combined with other SONYMA grants and assistance programs, such as:
    • Down Payment Assistance Loans to help with your down payment
    • Remodel NY for funds to help with repairs and remodeling

 

Eligibility
  • Available for first-time homebuyers who have received an associate, bachelor’s, master’s, or doctoral degree within the past 48 months from an academic program recognized by the U.S. Department of Education 
  • You must have good credit, stable employment, and be able to make monthly mortgage payments 
  • You must occupy the property as your primary residence
  • Regional income limits apply and vary by county

 

Available Communities

To qualify for the Graduate to Homeownership program, you must buy a house in one of these communities. Use the links below to go directly to individual community pages on www.ny.gov and learn more.

 

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Neighborhood Revitalization

Strong neighborhoods are at the heart of every vibrant community. But for those areas hit hardest by the foreclosure crisis, this means an extensive inventory of vacant homes. With the Neighborhood Revitalization program from SONYMA, qualified buyers receive incentives to buy and restore vacant properties in these communities. This ultimately improves property values, restores community pride, and helps drive long-term, sustainable economic growth.

 

Neighborhood Revitalization Program Benefits
  • Up to $20,000 to renovate qualified homes
  • The ability to seek additional improvement funds through other lenders
  • Can be combined with other SONYMA loans and programs 

 

Eligibility
  • The property must be located in one of the following available/partner communities 
  • You must have good credit, stable employment, and be able to make monthly mortgage payments
  • Regional income limits apply and vary by county (download the pdf)
 
Available Communities and Regional Non-Profit Partners (PDF)
  • Albany: AHP Homeownership Center (City of Albany) , Albany County Rural Housing (rest of Albany County)
  • Bronx: The Bronx NHS, Center for New York City Neighborhoods
  • Broome: City of Binghamton Metro,  Interfaith Housing Management Corp.
  • Clinton : Housing Assistance Program of Essex County
  • Dutchess: Hudson River Housing
  • Erie: The Buffalo Urban Renewal Agency
  • Essex : Housing Assistance Program of Essex County
  • Kings: Center for New York City Neighborhoods  
  • Monroe: Greater Rochester Housing Partnership
  • Montgomery : Utica Neighborhood Housing Services, Inc
  • Nassau: Long Island Housing Partnership and CDC Long Island
  • New York: Center for New York City Neighborhoods, NHS and Restored Homes HDFC
  • Niagara: South End Housing Initiative
  • Oneida : Utica Neighborhood Housing Services, Inc.
  • Onondaga: Home Headquarters
  • Orange: RUPCO,  Pathstone , Rural Development Advisory Corporation
  • Queens: Center for New York City Neighborhoods, NHS and Restored Homes HDFC
  • Rensselaer : Troy Rehabilitation and Improvement Program
  • Richmond: NHS of Staten Island
  • Schenectady: Better Neighborhoods, Inc.
  • Suffolk: Long Island Housing Partnership and CDC Long Island
  • Sullivan: RUPCO and Rural Development Advisory Corporation
  • Ulster: RUPCO
  • Warren: Housing Assistance Program of Essex County
  • Washington : Housing Assistance Program of Essex County
  • Westchester: Community Housing Innovations, Inc.

 

Download the pdf now to get more details about SONYMA’s Neighborhood Revitalization program. Or contact one of our regional non-profit partners listed above to learn more.

 

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ENERGY STAR

ENERGY STAR® certified homes include energy efficient features that deliver better performance and greater comfort while reducing utility bills by as much as 30% when compared to standard homes. To help you find a more energy efficient home, SONYMA is partnering with the New York State Builders Association (NYSBA), the New York State Energy Research and Development Authority (NYSERDA), and the Long Island Power Authority (LIPA) to offer special incentives for purchasing an Energy Star certified home.

 

Benefits
  • Interest rates .375% lower than standard SONYMA interest rates for loans with down payment assistance
  • Available with down payment assistance of $3,000 or 3% of the home purchase price (not to exceed $15,000)
  • No points

 

Eligible properties
  • Newly constructed single-family homes
  • Newly constructed two-family homes located in a designated Target Area

 

Learn more SONYMA’s ENERGY STAR® program features and requirements now.

 

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Manufactured Home Advantage Program

The Manufactured Home Program offers two ways for park owners and residents to maintain affordable, modern and attractive park communities. With a Manufactured Home Program, affordable financing is available for the acquisition and rehabilitation of manufactured home communities. With a SONYMA mortgage, residents on leased land in a park community may finance the purchase of new manufactured homes and installation of foundations or refinance their existing home.

 

Interested in applying for a SONYMA mortgage to purchase a manufactured home or refinance debt on your existing manufactured home? Contact the nonprofit housing agency in your geographic area to start a loan application:

 

The North Country:
Nonprofit Loan Packaging Agency: Housing Assistance Program of Essex County, Inc.
Contact: Kari Lauteschuetz, Administrative Assistant
Address: 103 Hand Avenue, P.O. Box 157, Elizabethtown, NY 12932
Phone: 518-873-6888
Email: [email protected]

 

The Capital Region:
Nonprofit Loan Packing Agency: Troy Rehabilitation and Improvement Program, Inc.
Contact: Caitlin Burns, Assistant Director of the HomeOwnership Center
Address: 409 River St , Troy, NY 12180
Phone: 518-272-8289 x 7224
Email: [email protected]

 

The Hudson Valley:
Nonprofit Loan Packaging Agency: Hudson River Housing
Contact: Lashonda Denson, Office Manager
Address: 313 Mill Street, Poughkeepsie, NY 12601
Phone: 845-454-9288
Email: [email protected]

 

The Central NY Region:
Nonprofit Loan Packaging Agency: Home Head Quarters, Inc.
Contact: Meghan Carroll, Manager of Mortgage Loan Operations
Address: 538 Erie Blvd. W., Suite 100, Syracuse, NY 13204
Phone: 315-474-1939 x 6650
Email: [email protected]

 

Western NY Region:
Nonprofit Loan Packaging Agency: Belmont Housing Resources for WNY, Inc.
Contact: Sandra Becker, Senior Housing Programs Manager
Address: 1195 Main Street, Buffalo, NY  14209
Phone: 716-884-7791  x114
Email: [email protected]

 

If there isn’t a nonprofit housing agency listed here for your geographic area, please email us at [email protected].

 

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