Sonyma LOAN

The State of New York Mortgage Agency is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably priced fixed-rate mortgages through several mortgage programs

Homes for Veterans Program

The Homes for Veterans Program is the only SONYMA mortgage that does not require the borrower to be a first-time homebuyer. If you are a veteran, you can also use this program to move into a new home, even if you already own a home. Veterans are able to take advantage of any of the SONYMA programs available. If you are a first-time homebuyer, your discharge status does not matter unless you were in the National Reserves. If you did serve in the Reserves, you need an honorable discharge to be eligible.

As a veteran, you may receive down payment assistance and lower than average interest rates.

Achieving the Dream Program 

This program provides low-income borrowers with financing with a low down payment . The financing is available on single-family properties as well as 2-units, condos, and manufactured homes. This program features a low interest rate, 97% financing, and no prepayment penalties. In addition, borrowers only need to contribute 1% of their own money and can obtain down payment assistance in conjunction with this program.

In order to qualify, you must be a first-time homebuyer. You must also have a good credit profile, steady income, and be able to prove that you can afford the mortgage. The home can be either existing or new construction. It cannot, however, exceed the SONYMA limits.

Low-Interest Rate Program

The Low Interest Rate Program provides financing for low income families who are also first-time homebuyers. The program provides up to 97% financing on homes from one to four units; however, properties with more than 2 units may only secure 90% financing. Borrowers must contribute 1% of their own money for this program and secure a 30-year term.


Down Payment Assistance Loan (DPAL)

Down Payment Assistance Loan (DPAL) allows SONYMA borrowers to secure down payment assistance through a second mortgage that can be used in combination with any currently available SONYMA program. DPALs have no interest rate and no monthly payments and will be forgiven after ten (10) years as long as the borrower stays in his or her home




If you feel that a Sonyma loan will fit you best, contact us and speak with a Financial Equities loan officer. We will be happy to walk you through the application process. Call 800-924-6336 or click the "apply now" icon to start now.