New York - Government Backed Loans

SONYMA is dedicated to providing affordable home ownership opportunities to low- and moderate- income families in the State of New York by offering low interest rate mortgages.

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Refinance Programs

Keep the Dream

The Keep the Dream program is designed to assist homeowners who are unable to make monthly mortgage payments to refinance an existing mortgage through a 30- or 40-year, low-interest, fixed-rate loan. This program generally assists borrowers who currently have adjustable-rate or interest-only mortgages. Eligible borrowers may have incomes 125% to 165% of the area's median income.

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Purchase Programs

Coop Conversion Program

The Coop Conversion Program offers homeownership opportunities for current residents of Mitchell-Lama rental housing through financial incentives such as affordable mortgage loans in order to finance their unit's purchase price. One option is the Chase Dream Maker program, which offers low, fixed-rate loans as well as homebuyer education courses. Downpayment and closing costs assistance is also available.

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Low Interest Rate Program

The Low Interest Rate Program provides low- to moderate-income first-time homebuyers with a first mortgage at below market, fixed interest rates. Up to 97% of the property value may be financed with this program, and there are no pre-payment penalties. Borrowers are required to provide a minimum 1% of the property value, and this program may be used in conjunction with the Closing Cost Assistance program in order to assist with downpayment and closing costs.

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Remodel New York

Qualifying first-time homebuyers are eligible for Remodel New York's below market interest rate home loans which are to be used for purchasing homes that are in need of repairs or improvements. This program offers financing for both the purchase and renovation of homes in one 30- or 40-year mortgage. Borrowers are required to contribute a minimum of 3% of the home's value, and closing costs may be financed using the Closing Cost Assistance program.

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Achieving the Dream Program

Low-income, first-time homebuyers are offered low downpayment mortgage financing with this 30- or 40-year loan. Borrowers are required to contribute a minimum 1% of the home's value, and there are no pre-payment penalties. The Closing Cost Assistance program may be used in conjunction with the Achieving the Dream Program.

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Construction Incentive Program

The Construction Incentive Program offers 100% financing to first-time homebuyers who wish to construct a home rather than purchase an existing one. Borrowers are required to contribute a minimum 1% of the property value, and this program may be combined with the Closing Cost Assistance Program.

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Homes for Veterans Program

The Home for Veterans Program provides military veterans with affordable financing and first mortgage loans in order to enable veterans to purchase a home. The first-time homebuyer requirements are waived if a veteran has served in active duty or has been honorably discharged.

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ENERGY STAR Labeled Homes

Purchasers of ENERGY STAR labeled homes are offered affordable financing through 0.5% lower than standard interest rates and closing cost assistance with no interest rate markup. This program may be used in conjunction with the Achieving the Dream Mortgage Program and the Construction Incentive Program.

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Closing Cost Assistance

The Closing Cost Assistance program does not require monthly payments and is forgiven after 10 years time. The minimum assistance granted homebuyers is $1, 000, and is equal to $5, 000 or 5% of the first mortgage amount, whichever is greater.

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HomeOpeners MonthlyPlus Payment Protection Plan

This program offers mortgage payment protection in the case of involuntary job loss. It pays up to $2, 000 per month toward borrowers' monthly mortgage payment for up to 6 months, at no additional cost.

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