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    SONYMA is a program administered by The State Of New York Mortgage Agency and funded by private lenders designed to help first time buyers. If you are a full doc borrower and can qualify you can take advantage of SONYMA's lower interest rates. Here are some of the pros and cons of the program:


Advantages of SONYMA

1. Lower interest rates, typically 1 percent less that conventional FNMA rates

2. Long term interest rate locks. Conventional loan lock ins are typically from 30 to 60 days, SONYMA allows a 100 day lock in at no extra charge.  This gives more time to solve any title, appraisal, or other problems should they arise.

3. Low down payments - Financing up to 97% on single family homes( three- and four-family dwellings and cooperative apartments,  maximum financing  up to 90%)

4. Closing cost assistance in the form of a 0% interest, non-amortizing loan secured against the property (the SONYMA Closing Cost Assistance Loan) that the applicant is purchasing and will require no monthly payments. The amount of the SONYMA Closing Cost Assistance Loan must be at least $1,000 and may not exceed the greater of $5,000; or 5% of the SONYMA mortgage loan amount. To be forgiven after 10 years if property is not sold or refinanced.



1. Income limits - SONYMA has set maximum income limits for borrowers depending on whether you fall into non target or targeted census tract. Click here to find income limits for your area 

2. Purchase price limits, although they are higher than FHA they still fall short of the average home prices in many neighborhoods. Click here to find purchase price limits in your area

3. Must be a first time homebuyer

4. Debt to Income ratio of 33/38, which although not to low when combined with purchase price and income limits unfortunately disqualifies many borrowers.  To read more about income ratios and for an example of how they work click here

Note: We have laid out the advantages and disadvantages only to help borrowers quickly determine whether they fall under the programs requirements. SONYMA is designed to give first time homebuyers an advantage and is an excellent program for those who fall within the requirements.


If you have more questions about our SONYMA programs please contact one of our loan specialists or email contact@lowratesfha.com



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