The State of New York Morgage Agency (SONYMA) is now providing the lowest interest rates ever offered for its two primary programs in the agency’s 40-year history. SONYMA’s core program, the Low Interest Rate Program, is now being offered at a rate of 4 percent and it’s Achieving the Dream Program, for low-income first-time homebuyers, is being offered at 3.5 percent.
SONYMA offers several competitively priced mortgage products, designed primarily for first-time homebuyers, to enable low- and moderate-income New Yorkers to become homeowners. In addition to the low interest rates, SONYMA loans offer the following features:
* Down payment assistance of up to $10,000 is available;
* Availability of 40-year mortgages;
* Rate lock periods of 100 days (240 for new construction and rehabilitation properties);
* 97 percent financing for most property types and as little as 1 percent borrower own funds towards the down payment;
* No upfront mortgage insurance premiums and no borrower-paid points;
* No higher interest rates or add-ons for different property types, loan amounts over $417,000, properties located in declining markets or borrowers with lower FICO scores;
* Flexible condominium and cooperative project requirements.
SONYMA encourages responsible and sustainable homeownership and is proud that its delinquency rate is about 2 percent, substantially lower than the national rate of 10.5 percent.