Since 1970 SONYMA (State of New York Mortgage Agency) has had one mission – to make homeownership possible for low- to moderate-income residents. Thanks to our unique mortgage programs and finance options, thousands of New Yorkers have been able to purchase their first home.
SONYMA Mortgage Benefits & Features:
- Competitive, fixed rate, 30-year mortgage with long-term locked rates.
- Down payment assistance loan available: the higher of $3,000 or 3% of the home purchase price (up to a maximum of $15,000).
- SONYMA mortgages can be combined with other government grants, employer benefits, nonprofit grants and other subsides.
- As little as 3% down payment is required, with as little as 1% of the buyer’s own money needed.
- SONYMA mortgages are available to purchase 1-4 family homes, co-ops and condos.
- REMODEL NY option makes it possible to purchase and finance repairs and renovations.
- NEIGHBORHOOD REVITALIZATION PROGRAM (NRP) provides up to a $20,000 subsidy to buyers purchasing a vacant home in specific areas of New York. This includes Manhattan, Brooklyn, Queens, Staten Island, the Bronx and Long Island. Homebuyers do not need to be purchasing a property for the first-time.
- Homebuyer counseling is available from our nonprofit partners.
- SONYMA lenders are located across the state and include major banks, credit unions and other financial institutions.