Mortgage Programs
SONYMA
The State of New York Mortgage Agency (SONYMA) offers low interest mortgage loans and programs to help qualified buyers purchase their first home.
Achieve Homeownership With SONYMA Loan Programs
GRB is proud to be an approved SONYMA lender, assisting first-time homebuyers throughout Central and Western New York. The State of New York Mortgage Agency (SONYMA) offers low interest mortgage loans and programs to help qualified buyers purchase their first home. SONYMA provides access to affordable homeownership by removing many of the hurdles faced by first-time homebuyers.
Additionally, SONYMA mortgage programs can be combined with other SONYMA special features, as well as other grants and subsidies. If you’re a first-time homebuyer looking for additional assistance, contact our GRB Mortgage Team today for more information or to get pre-qualified.
SONYMA Benefits
Choosing a SONYMA mortgage program offers many benefits to homebuyers, including:
- Low interest rates
- Extended rate locks
- Low down payments…with down payment assistance available!
- Can be combined with other grants and subsidies
GRB also participates in the SONYMA Homes for Veterans program. If you or someone you know is a veteran looking to purchase a home, visit the Homes for Veterans program page to learn more:
SONYMA PROGRAMS
Achieving the Dream & Low Interest Rate
SONYMA offers two primary mortgage programs, Achieving the Dream and Low Interest Rate. Both programs are designed to help you find the home you’ve always wanted at a payment you can afford.
See additional program details below:
Achieving The Dream
Achieving the Dream is the lowest rate program offered by SONYMA, designed to maximize the amount you can afford with minimal down payment required.
Low Interest Rate
SONYMA’s low interest rate program offers lower down payment requirements and competitive interest rates to qualified buyers. This program allows for the purchase of 1-4 family homes, condominiums, cooperatives, and manufactured homes.
Limited Time Program
Down Payment & Closing Cost Assistance (DPAL Plus)
SONYMA Boosts Help for Low-Income Borrowers with up to $30,000 in Down Payment and Closing Cost Assistance with SONYMA DPAL PLUS
FUNDS CURRENTLY UNAVAILABLE, CHECK WITH YOUR LOAN OFFICER FOR UPDATES
Accruing enough assets to close on a new home is one of the largest barriers to homeownership. To address that need, SONYMA is offering a limited, enhanced down payment assistance loan, called DPAL PLUS. This subsidy is designed to help low-income New Yorkers achieve their homeownership dream.
DPAL PLUS provides forgivable loans of up to $30,000 for qualified buyers to assist with down payment, closing costs or single premium private mortgage insurance. Borrowers must be first-time homebuyers, a U.S. military veteran or be purchasing a home in a federally designated targeted area. Owner-occupied only, but eligible properties do include those with 1-4 families. Homebuyer education completion required prior to loan approval.
DPAL PLUS loans are forgiven in equal monthly installments over the first 10 years (120 months) of borrower occupancy. Balance subject to recapture. Funds will be offered on a first-come, first-served basis to those who are eligible. When funds are depleted, the program will end.
Contact us today for more information!
Contact Our Mortgage Team
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