Mission
SONYMA is dedicated to providing affordable home ownership opportunities to low- and moderate-income families in the State of New York by offering competitively-priced mortgages.
SONYMA offers six mortgage programs as well as mortgage credit certificates to assist you with the purchase of a home in New York State. Each mortgage program features a competitive interest rate, low down payment requirements, no prepayment penalties and down payment assistance, while the mortgage credit certificates offer a federal income tax credit. Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.
| Incentives for Purchasers of ENERGY STAR® Labeled Homes |
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SONYMA's Construction Incentive Program and Achieving the Dream Program now offer special savings to homebuyers who purchase new energy efficient homes under the New York ENERGY STAR® Labeled Homes Program.
Click here for more information about incentives for purchasers of ENERGY STAR Labeled Homes.
Click here to read the press release. |
SONYMA's primary home ownership program is the
Low Interest Rate Mortgage Program.
The Low Interest Rate Mortgage Program offers competitive interest rate mortgages to low- and moderate-income households who must be first-time home buyers except in target areas.
SONYMA also offers specialized home ownership programs. These programs include:
The Achieving the Dream Program, which provides lower interest rates to low-income first time home buyers.
The Construction Incentive Program, which allows qualified buyers to obtain financing for the purchase of newly constructed or rehabilitated one and two family homes.
The Remodel New York Program, which allows for the borrower to finance the cost of acquisition and renovation in one loan.
The Homes for Veterans Program, which allows qualified veterans to apply for any currently available SONYMA program with more favorable terms.
Incentives for purchasers of ENERGY STAR® Labeled Homes: Purchasers of newly constructed energy-efficient homes can apply for currently available SONYMA program with more favorable terms.
Down Payment Assistance Loans are available with every SONYMA program. Qualified borrowers may receive down payment assistance of $3,000 or 3% of the home sales price (but not to exceed $10,000), whichever is greater.
Mortgage Credit Certificates are available for use in conjunction with any other lenders' fixed-rate mortgage product. Qualified borrowers purchasing a home in a SONYMA Target Area can receive a dollar for dollar federal income tax credit equal to 20% of the borrower's mortgage interest costs.
SONYMA also offers mortgages to qualified borrowers purchasing a condominium or a cooperative apartment. For details, click here.
SONYMA is able to give special incentives to prospective homebuyers interested in purchasing a home in a Federally designated Target Area, which are areas considered economically distressed.
To learn more about Target Areas or find out if a property is located in a Target Area, click here.