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