State of New York Mortgage Agency (SONYMA)

State of New York Mortgage Agency (SONYMA)


What We Do

SONYMA partners with approved participating mortgage lenders across the state to offer 30-year, competitive, fixed-rate mortgages with special features to help low and moderate income New Yorkers become homeowners. SONYMA mortgages are available to qualified buyers to purchase single-family homes, homes with two to four units, co-ops, and condominiums.

SONYMA Mortgage Benefits:

  • 30-year, competitive, fixed-rate mortgages with long-term lock rates.
  • SONYMA mortgages can be combined with a 0% interest loan for up to $15,000 for down payment/closing costs assistance.
  • SONYMA mortgages can be combined with other grants and subsidies to make homeownership possible.
  • SONYMA offers mortgages for co-ops and condominiums.
  • Homebuyers that haven’t owned a principal residence in 3 years or more, qualify as a first-time home buyer.

SONYMA Highlights


  • HFA and SONYMA combined, issued over $2.8 billion in housing bonds in 2017, making the agencies the top housing bond issuer in the nation.
  • HFA and SONYMA investment banker appointments resulted in MWBE firms receiving approximately 27% of underwriting compensation.
  • SONYMA issued approximately $336 million in bonds in the fiscal year, a portion of which was used to fund 1,772 mortgages. The mortgage-backed securities programs (Conventional Plus and FHA Plus) financed $74.4 million in loans.
  • Overall, over 800 of the mortgages purchased were made to low-income homebuyers (80% of area median income or less). Over 575 loans SONYMA purchased statewide were made to minority households.
  • SONYMA MIF issued commitments to insure 83 Multi Family mortgage loans with an aggregate loan amount of approximately $469 million which financed 6,000 affordable units.

Assistance and Services for Homebuyers

The State of New York Mortgage Agency (SONYMA) provides assistance and services for homebuyers.

For more information on these services, please visit the page below:

SONYMA Homebuyers