sonyma mortgage

Guest

please give some details about the sonyma mortgage

blue · Posted: Fri Apr 27, 2007 2:04 pm Post subject:

Hi Darren,

Welcome to Mortgagefit discussion board.

SONYMA or State of New York Mortgage Agency has 4 mortgage programs which are financed by sale of tax exempt bonds and is used to assist people buy a home in the state.

All the programs have below market rates, no prepayment penalties, provide the borrower with closing cost assistance and have low downpayment requirements.

These features have been developed to make the home purchase process more affordable for people.

Thanks
Blue

Niicss · Posted: Fri Apr 27, 2007 2:22 pm Post subject:

These are the programs Darren :

Low interest rate program which is a first time homebuyer mortgage program for purchase of a existing or newly constructed house.

Achieving the dream, this program features has the lowest interest rate of all the SONYMA programs and is available for low income first time buyers.

Remodel New York, can be used by first time homebuyers for purchase of any existing home & get the renovation cost financed through below market rates on a FRM.

Construction Incentive Program, is available to first time homebuyers to purchase a new construction house and avail 100% financing with a rate which remains lower for the first forty eight payments.

Niicss

miller_st · Joined: 17 Jan 2007 Posts: 917 168.92 Dollars($)

Darren,

There are also closing cost assistance loans which are offered in combination with any of the sonyma programs. The main feature is that this assistance amount is forgiven after 10 years and minimum assistance amount is of $1,000. The maximum amount of assistance can be greater of; $5,000 or 5% of the sonyma mortgage amount. So if your loan amount is $80,000 then maximum assistance you can get would be $5,000, as 5% of the loan amount of $80,000 comes to $4,000. But the assistance loan will not be more than the actual closing cost incurred.

Other thing is that this assistance can be used along with a sonyma mortgage only and interest rate if the assistance is utilized will be 0.50% higher than the rate presently offered for sonyma mortgage.

Miller

Guest

Hi Darren, from this page you will be able to know more about all the programs of SONYMA - http://www.nyhomes.org/home/index.asp?page=63

Guest

thanks everyone, but I can know which lenders provide these loans?

colin · Posted: Fri Apr 27, 2007 3:54 pm Post subject:

Darren,

You can check the list of participating lenders from this page to know about lenders working in your county: http://www.nyhomes.org/home/index.asp?page=272

Colin

Guest

how the construction incentive program works? Can I get some more details?

colin · Posted: Sat May 12, 2007 3:21 pm Post subject:

Hi Swirc,

Welcome to Mortgagefit forum.

This program offers 2 step interest rate where the rate is fixed for the 1st 48 payments and after that rate increases by 2% & remains fixed for the remaining term of the loan.

Program allows for a 240 day rate lock from the time of loan application, has no prepayment penalty but the loan term available is of 30 yrs. only.

You can read all the details about this program from here - SONYMA's Construction Incentive Program

Colin

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