Many states offer programs to help ease the barrier to homeownership and further promote affordability. The State of New York Mortgage Agency (SONYMA) offers borrowers two programs to help combat high interest rates and more.
We are proud to share that NJ Lenders Corp. is designated as an approved lender by SONYMA.
New York Homebuyer Assistance Programs
What is SONYMA?
The State of New York Mortgage Agency (SONYMA) helps provide home loans for low- and moderate-income borrowers. The two programs listed below offer competitive interest rates, low down payment costs, and more.
Low Interest Rate
Considered the standard SONYMA loan program, Low Interest Rate was created for first-time homebuyers.
The low interest rate program offers small down payment requirements while providing competitive interest rates.
Program Highlights:
- Financing up to 97%
- No mortgage points or prepayment fees
- Rate lock up to 120 days for existing homes, 240 days for properties under construction
Eligibility requirements:
- Must be a first-time homebuyer
- Must meet credit and income requirements
- Property must be located in New York State
- Property cannot exceed SONYMA’s geographical sales price limits
- Property type and usage limits apply
Achieving the Dream
Designed to maximize affordability, Achieving the Dream offers significantly lower interest rates and minimal down payment requirements for low-income families.
Program Highlights:
- Up to 97% financing
- No mortgage points or prepayment fees
- Rate lock up to 120 days for existing homes, 240 days for properties under construction
Eligibility requirements:
- Must be a first-time homebuyer
- Must meet credit and income requirements
- Property must be located in New York State
- Property cannot exceed SONYMA’s geographical sales price limits
- Property type and usage limits apply
Closing Thoughts
By creating programs such as these, SONYMA helps promote housing affordability in New York State by combating the effects of high interest rates and down payment requirements.
We are proud to help empower our borrowers on their path to homeownership, which is why we offer a comprehensive way to find the best loan products for your needs. Give us a call or visit us online to determine your eligibility for these exciting programs today.