SONYMA, short for State of NY Mortgage Agency has been a saving grace for many cash strapped, first time home buyers in NY State. Some of the benfits of a SONYMA loan are a minimum 3% down payment (with down payment assistance) and the ability to finance closing costs, along with a host of others that your mortgage professional will educate you on.
Many buyers that I have recommended this loan product to were originally considering an FHA loan for a condo purchase. Since the FHA only backs loans in approved condo complexes the SONYMA worlked well because they back all condos.
One gripe some have had is that the SONYMA loan takes a bit longer and has more paperwork. This past spring began working with two of it’s largest lenders to develop SONYMA Express. This program will help improve the processing time and quickly determine the buyers eligibility.
The program will also cut down the amount of paperwork needed by using auto-populated forms that only require a buyer signature. There is so much more availailable to you through this SONYMA program and the others they offer. I’m just making you aware of the option.
Quite often I will talk with buyers that haven’t been educated on all of the loan products that may be available to them if they qualify. The best thing you can do is find a mortgage professional that will answer all of your questions and guide you accordingly. Don’t assume that they will automatically educate you on everything, ask the simple question “Can you please tell me about any and all available programs that I/we may qualify for?
Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023
chris@legendsrealtygroup.net
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