New York State Homes and Community Renewal Announces $400,000 Award for Improvements To Owner-Occupied Homes in the City of Oneonta

RemodelNY

RemodelNY
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Overview

The RemodelNY Program provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under RemodelNY, SONYMA will finance both the purchase and the renovation of the home with one mortgage.

This program is designed to provide mortgage financing for homebuyers to purchase a home and pay for any necessary or desired repairs. It is an enhancement that can be utilized with the below stated SONYMA programs for 1 and 2 family homes, PUDs and condominiums.

Program Features

  • Our products are available under the SONYMA Low Interest Rate and Achieving the Dream Programs, which may be combined with the Homes for Veterans enhancement program
     
  • Financing up to the lower of 97% of the after-improved appraised value or the Purchase Price plus financeable repairs and allowable soft costs
     
  • Availability of down payment assistance (higher of $3,000 or 3% of the home purchase price, not to exceed $15,000)
     
  • $1,000 minimum eligible repairs with no maximum repair amount
     
  • SONYMA will purchase the mortgages from Lenders and administer the renovation escrow draws throughout the post-closing rehabilitation completion period

Participating Lenders

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

SONYMA's Top-producing 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

Program Comparison Chart

This chart was designed for Mortgage Industry Porfessionals.

SONYMA Program Comparison Chart