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New York State Housing Finance/Mortgage Agencies

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SONYMA and AHC offer programs to promote homeownership among low- and moderate-income New Yorkers.

SONYMA
•SONYMA traditional bond-financed programs offers low interest mortgages for first-time homebuyers that include down payment assistance.

•SONYMA’s Conventional Plus Program is a new mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home. The down payment assistance may also be used to pay closing costs (including an upfront single mortgage insurance premium, if necessary, and thus eliminating the monthly mortgage insurance premium payment). For eligible borrowers, SONYMA will also make mortgage credit certificates available. With all these combined features including flexible underwriting guidelines, Conventional Plus offers a lower monthly payment than most mortgages.

AHC

AHC provides grants to organizations to help subsidize the cost of purchasing newly constructed homes and existing homes in need of rehabilitation for low- and moderate-income homebuyers. To purchase these homes at subsidized prices, prospective homebuyers must apply directly to AHC Grantee organizations. Please note that AHC does not provide grants directly to individuals.


AHC income qualification is generally based upon a percentage of the HUD Low Income Limits. Please note that income qualification limits vary by project and may go up to 166% of the HUD Low Income Limits in the table attached here. To find out eligibility for a specific development, please contact the AHC Grantee administering the subsidy.

Call SONYMA Information Hub: 1-800-382-HOME (4663)

Today’s SONYMA Interest Rate:

3.500%*

*For a 30-year mortgage with 3% down. Down payment assistance not included. For complete rates, click here.

Incentives for Purchasers of
ENERGY STAR® Labeled Homes

SONYMA’s Construction Incentive Program and Achieving the Dream Program offers special savings to homebuyers who purchase new energy efficient homes under the New York ENERGY STAR® Labeled Homes Program.

The State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State.

Our five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. Each of these features is designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.

Mortgage Programs:

Homes for Veterans Program
A program specifically designed for military veterans and active duty U.S. military personnel. Allows a qualified veteran or active duty U.S. military personnel to apply for any of the below listed SONYMA programs with more favorable terms. Click here to learn how to get one mortgage for both the purchase and to make minor repairs under the Own it, Fix it New York! Mortgage option. SONYMA offers a mortgage product that finances both the purchase and renovation of a home in need of improvements or repairs. Learn more about the Own it, Fix it New York! Home Mortgage.

Remodel New York
First-time homebuyers* can buy an existing home and finance the cost of renovating it with one low, fixed rate mortgage.

Achieving the Dream
Features lower interest rates than other SONYMA programs. Available to lower income first-time homebuyers. SONYMA offers a mortgage product that finances both the purchase and renovation of a home in need of improvements or repairs. Click here to learn about incentives for purchasers of newly constructed, energy efficient homes. Click here to learn how to get one mortgage for both the purchase and to make minor repairs under the Own it, Fix it New York! Mortgage option.

Construction Incentive Program
First-time homebuyers* can use this program to buy a home under construction or rehabilitation. Click here to learn about incentives for purchasers of newly constructed, energy efficient homes.

Low Interest Rate Program
SONYMA’s standard mortgage program for a first-time homebuyer* purchasing a newly constructed or existing home. SONYMA offers a mortgage product that finances both the purchase and renovation of a home in need of improvements or repairs. Learn more about the Own it, Fix it New York! Home Mortgage.

Compare SONYMA to FHA:

What’s better – an FHA loan or a SONYMA loan? Use the below calculator to determine which product may be better for you.