Real Estate Agents

This page highlights Real Estate Agents, who are able to provide competitive interest rate mortgages and down payment assistance for eligible applicants. SONYMA loans are not much different than any other conventional loan. By educating clients about the options available to them, the information on this page can help them qualify for an affordable home that meets their needs. The different sections on this page give details about how loans increase purchasing power for clients and further assist them to become first-time home owners.

Every first-time homebuyer should consider applying for a loan. Low interest rates and down payment assistance can make all the difference in qualifying for that important first home loan. Below are a few offers that benefit clients:   • Competitive 30-year fixed-rate mortgages   • 97% financing with as little as 1% borrower contribution   • Down payment assistance up $15,000 or 3% of the home sales price   • SONYMA's acceptance of most credit underwriting decisions

Please contact a SONYMA Participating Lender for further information by using the links below.

SONYMA's Hall of Fame Loan Officers

• Region I: BUFFALO
  Cattaraugus, Chautauqua, Erie, and Niagara Counties
• Region II: ROCHESTER
  Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming, and Yates Counties
• Region III: SYRACUSE 
  Cayuga, Cortland, Madison, Onondaga, and Oswego Counties
• Region IV: BINGHAMTON 
  Allegany, Broome, Chemung, Chenango, Delaware, Otsego, Schuyler, Steuben, Tioga, and Tompkins Counties
• Region V: MID-HUDSON 
  Columbia, Dutchess, Greene, Orange, Putnam, Sullivan, and Ulster Counties
• Region VI: CAPITAL 
  Albany, Montgomery, Rensselaer, Saratoga, Schenectady, and Schoharie Counties
• Region VII: MOHAWK VALLEY
  Clinton, Essex, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Oneida, St. Lawrence, Warren, and Washington Counties
• Region VIII: WESTCHESTER & ROCKLAND
  Rockland and Westchester Counties
• Region IX: LONG ISLAND
  Nassau and Suffolk Counties
• Region X: NEW YORK CITY
  Bronx, Kings, New York, Queens, and Richmond Counties

Q: What does SONYMA offer my clients? A: SONYMA provides competitive interest rate mortgages, low down payment requirements, and down payment assistance for first-time home buyers. Our loans increase purchasing power and will assist more of your clients to become first-time home owners. Q: How will my clients benefit from a SONYMA loan? A: Your clients will benefit from:   • Competitive conventional market for 30 year fixed-rate mortgages   • 97% financing with as little as 1% borrower contribution   • Down Payment Assistance up to the higher of: $15,000 or 3% of the home price   • Flexible underwriting guidelines with no pricing adjustments Q: How do I know which lending program to choose? A: SONYMA offers a variety of programs for eligible applicants. All of our programs feature competitive interest rates and the availability of down payment assistance. The programs we offer are:   • Low Interest Rate Program - SONYMA's standard mortgage program   • Achieving the Dream Program - Features 97% financing and low interest rate   • Remodel New York Program - Provides competitive interest rate financing Q: How does SONYMA make its funds available? A: SONYMA makes it program funds available through the issuance of tax-exempt bonds. This permits SONYMA to offer low interest rate mortgage loan financing to New Yorkers. To maintain the tax-exempt status of our bonds, all loans, borrowers, and properties must comply with certain Federal laws and regulations. Most of the additional forms required by SONYMA are due to these laws and regulations. Q: What types of properties are eligible for SONYMA financing? A: Eligible property types are:   • Existing or newly constructed one-family homes (including coops & condos)   • Existing two- , three- , or four-family homes that are at least five years old   • Two-family homes located in a Target Area that are newly constructed Q: What other property eligibility requirements apply? A: Eligible properties must:   • Be located in New York State   • Have a sales price that does not exceed SONYMA's Purchase Price Limits   • Not be used for any business or commercial purpose   • Be a maximum of 5 acres (exceptions can be made on a case-by-case basis)   • Have at least 500 square feet of living space   • Meet SONYMA's project requirements, if it's a condominium or cooperative Q: What are the eligibility requirements for applicants? A: Eligible applicants must:   • Meet SONYMA's credit underwriting guidelines   • Contribute a minimum of 1% of their own funds into the transaction   • Be a first time homebuyer (with no ownership interest in the primary residence)   • Meet SONYMA's Household Income Limits   • Occupy the SONYMA-financed home as his, her or their permanent residence Q: How Does SONYMA Calculate Income? A: SONYMA loans have two distinct income calculations made to determine the applicant's eligibility - "underwriting income" and "compliance income". Underwriting Income - This calculation is done in the same or similar way that other conventional mortgage lenders use to determine income. It is to ensure that applicants make sufficient income to pay their monthly mortgage payment and other debts. Compliance Income - This calculation is unique to a SONYMA loan and is required by Federal law. It is to determine if the applicant's household income is within our Household Income Limits. Q: How is SONYMA Compliance Income Calculated? A: This is a general guide to show how SONYMA calculates compliance income. SONYMA Compliance Income Calculation