SONYMA Programs
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Overview

SONYMA has two primary mortgage programs, Achieving the Dream and Low Interest Rate. Both programs are outlined on this page and are designed to help you find the home you’ve always wanted at a payment you can afford. 

SONYMA offers optional down payment assistance with all mortgage programs and all programs can be combined with other grants and subsidies.

Achieving the Dream

Our lowest interest rate program, Achieving the Dream is designed to maximize the amount you can afford with minimal down payment required.

 

Achieving the Dream Features and Benefits
  • 30-year fixed rate mortgage 
  • No points
  • Down payment requirement as low as 3% (and 3% down payment assistance available) 
  • Minimum cash contribution of 1% (3% for co-ops)
  • Available for 1-4 family homes, cooperatives and condominiums
  • No prepayment penalties
  • 120-day interest rate locks for existing housing
  • 240-day interest rate locks for properties under construction or rehabilitation, cooperatives or distressed sales
  • Can be combined with other SONYMA special features
  • Other grants and subsidies can be included with no limit

 

Interest Rates

View Current Interest Rates

 

Available Loan Options and Enhancements

Achieving the Dream also works with other SONYMA programs to assist those who need help with down payments, home repairs, and remodeling.

 

Learn more about down payment assistance to help reduce your upfront costs. 

 

Learn more about how to pay for the remodeling or repairing the home you’re purchasing.

 

Find out how purchasing a vacant home in certain areas could qualify you for additional funds for repairs and remodeling.

 
Eligibility 
 Individual Requirements
  • You must be a first-time buyer (unless you are an eligible military veteran or purchasing a home in a Target Area)
  • You will need good credit, stable employment, and the ability to make mortgage payments while still meeting prior debt obligations
  • You must occupy the property as your primary residence
  • You will need either 1 or 3% of the purchase price (depending on which type of property you’re purchasing) in verifiable cash, savings or other assets
  • Regional income limits apply and vary by county

 

Property Requirements
  • The property must be located in New York State
  • Sales price and appraised value cannot exceed SONYMA's limits specific to this program, which vary by region 
  • Agricultural use not permitted.
  • The property must be one of the following property types:
    • An existing or newly constructed single-family home (includes condominiums and co-ops)
    • Two, three, or four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years

    • A two-family home located in a Target Area (must be either newly constructed or constructed within the five years prior to your loan application) 
    • The property cannot exceed five acres and must have a minimum of 500 square feet of living space (exceptions may be made on a case-by-case basis)
  • Purchasers of a condominium or co-op unit must satisfy certain special requirements.

 

Note: You may qualify for SONYMA financing if you currently own a residential investment property or vacation home under certain circumstances.

 
Additional Considerations:
  • Applicants must complete a homebuyer education course
  • All loans with less than a 20% down payment will require Private Mortgage Insurance (PMI)
  • Borrowers may be subject to a reimbursable recapture tax. 
  • Funds are limited and available on a first-come, first-served basis
  • Both units in a two-family home must be located in the same building
  • Properties with units in more than one building are not allowed
  • SONYMA mortgages are non-assumable and cannot be used to refinance an existing mortgage
  • All loans must be approved for pool insurance by SONYMA's mortgage pool insurer

 

How to Apply

Learn more about SONYMA’s application process and what you can do to be prepared. 

 

Back to SONYMA homepage

Low Interest Rate

SONYMA’s low interest rate program offers lower down payment requirements and competitive interest rates to qualified buyers. This program allows for the purchase of 1-4 family homes, condominiums, cooperatives, and manufactured homes.

 

Low Interest Rate Program Features and Benefits
  • 30-year fixed rate mortgage 
  • No points
  • Down payment requirement as low as 3% (and 3% down payment assistance available) 
  • Minimum cash contribution of 1% (3% for co-ops)
  • Available for 1-4 family homes, cooperatives and condominiums
  • No prepayment penalties
  • 120-day interest rate locks for existing housing
  • 240-day interest rate locks for properties under construction or rehabilitation, cooperatives or distressed sales
  • Can be combined with other SONYMA special features
  • Other grants and subsidies can be included with no limit

 

Interest Rates

View Current Interest Rates

 

Available Loan Options and Enhancements

Achieving the Dream also works with other SONYMA programs to assist those who need help with down payments, home repairs, and remodeling.

 

Learn more about down payment assistance to help reduce your upfront costs. 

 

Learn more about how to pay for the remodeling or repairing the home you’re purchasing.

 

Find out how purchasing a vacant home in certain areas could qualify you for additional funds for repairs and remodeling.

 

Eligibility 
 Individual Requirements
  • You must be a first-time buyer (unless you are an eligible military veteran or purchasing a home in a Target Area)
  • You will need good credit, stable employment, and the ability to make mortgage payments while still meeting prior debt obligations
  • You must occupy the property as your primary residence
  • You will need either 1 or 3% of the purchase price (depending on which type of property you’re purchasing) in verifiable cash, savings or other assets
  • Regional income limits apply and vary by county

 

Property Requirements
  • The property must be located in New York State
  • Sales price cannot exceed SONYMA's limits specific to this program, which vary by region 
  • Agricultural use not permitted.
  • The property must be one of the following property types:
    • An existing or newly constructed single-family home (includes condominiums and co-ops)
    • Two , three , or four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years
    • A two-family home located in a Target Area (must be either newly constructed or constructed within the five years prior to your loan application) 
    • The property cannot exceed five acres and must have a minimum of 500 square feet of living space (exceptions may be made on a case-by-case basis)
  • Purchasers of a condominium or co-op unit must satisfy certain special requirements.

 

Note: You will not qualify for SONYMA financing if you currently own a residential investment property or vacation home and intend to retain ownership.

 

Additional Considerations
  • Applicants must complete a homebuyer education course
  • All loans with less than a 20% down payment will require Private Mortgage Insurance (PMI)
  • Borrowers may be subject to a reimbursable recapture tax. 
  • Funds are limited and available on a first-come, first-served basis
  • All of the units in a two- to four-family home must be located in one building. Properties with units in separate building structures are not allowed.
  • SONYMA mortgages are non-assumable and cannot be used to refinance an existing mortgage
  • All loans must be approved for pool insurance by SONYMA's mortgage pool insurer

 

How to Apply

Learn more about SONYMA’s application process and what you can do to be prepared. 

 

Back to SONYMA homepage

Conventional Plus

SONYMA's Conventional Plus Program is a new mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home or for the refinance of an existing mortgage (on a primary home). The down payment assistance may also be used to pay closing costs (including an upfront single mortgage insurance premium, if necessary, and thus eliminating the monthly mortgage insurance premium payment). With all these combined features including flexible underwriting guidelines, Conventional Plus offers a lower monthly payment than most mortgages.

Income Limits apply. Income must be < 80% of Area Median Income.  

You must run the property address through the FNMA HomeReady Eligibility Tool to determine the income limit.

 

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FHA Plus Program

SONYMA's FHA Plus Program is a mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home or for the refinance of an existing mortgage (on a primary home). The down payment assistance may also be used to pay closing costs.

To compare the payment of a Conventional Plus loan to an FHA loan, click on the appropriate link below:

 

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Optional Add-on Features

Down Payment Assistance Loan
This program provides assistance with the down payment part of homeownership.

Remodel NY
This program will help you transform a fixer-upper into your dream home.

Homes for Veterans
This program offers low-interest loans for home buying to veterans who have served or currently serving in the armed forces.

Graduate to Home Ownership
This program helps recent college graduates get a home of their own.

Neighborhood Revitalization
This program offers loans designed to restore homes and revitalize communities impacted by foreclosure.

Energy Star®

This program provides special financing for ultra-efficient homes that save hundreds annually in utility costs.

Learn how to apply for these programs using SONYMA’s Application Process.

 

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