SONYMA State of New York Mortgage Agency Financing and Programs for First-Time Homebuyers and Veterans

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By Debby Young

Who We Are

Since 1970, The State of New York Mortgage Agency has been providing financing and programs designed for first-time low- and moderate-income homebuyers in New York State.

What We Do

SONYMA partners with approved participating mortgage lenders across the state to offer 30-year, competitive, fixed-rate mortgages with special features to help low and moderate income New Yorkers become homeowners. SONYMA mortgages are available to qualified buyers to purchase single-family homes, homes with two to four units, co-ops, and condominiums.

SONYMA Mortgage Benefits:

  • 30-year, competitive, fixed-rate mortgages with long-term lock rates.
  • SONYMA mortgages can be combined with a 0% interest loan for up to $15,000 for down payment/closing costs assistance.
  • SONYMA mortgages can be combined with other grants and subsidies to make homeownership possible.
  • SONYMA offers mortgages for co-ops and condominiums.
  • Homebuyers that haven’t owned a principal residence in 3 years or more, qualify as a first-time home buyer.