SONYMA Rates Reduced to Lowest Level in 40 Years

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.

Contact your Nothnagle Agent or one of our Mortgage Partners for more information.

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