Mortgage Programs
SONYMA Homes for Veterans
The State of New York Mortgage Agency (SONYMA) offers low interest mortgage loans and programs to help qualified service members purchase their first home.
GRB is Proud to Offer Homes for Veterans
The Homes for Veterans program, through the State of New York Mortgage Agency (SONYMA), offers fixed-rate mortgages with interest rates 0.375% below the already low interest rates charged on SONYMA mortgages with down payment assistance. SONYMA Homes for Veterans loan eligibility is available on the SONYMA website.
The Homes for Veterans program offers features, such as:
- Veterans and their spouses or co-borrowers need not be first-time homebuyers.
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Interest rates that are 0.375% lower than standard SONYMA interest rates.
(For loans with down payment assistance) -
Down payment assistance up to the greater of $3,000 or 3% of the home purchase price.
(Not to exceed $15,000)
- No points or origination fees.
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Minimum borrower cash contribution is only 1%.
(The remaining 2% can come from a gift or other acceptable source)
Homes for Veterans
Eligibility Details
In order to be eligible for the Homes for Veterans Program, the veteran must have served in the active military and discharged under conditions other than dishonorable.
In addition, any active-duty service members, honorably discharged National Guardsmen, or honorably discharged Reservist, who are first-time homebuyers may take advantage of the program benefits if they are:
- A U.S. military personnel (including those currently serving in the reserves) stationed in New York State, regardless of discharge status.
- An active or honorably discharged National Guardsman
- An active or honorably discharged Reservist
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