Achieving the Dream and Low-Interest Rate Programs

Who is SONYMA?

The State of New York Mortgage Agency or “SONYMA” is dedicated to providing homeownership opportunities for New Yorkers of low and moderate-income. SONYMA offers several programs to help first-time homebuyers achieve their dream of homeownership. As an approved SONYMA Lender, Ridgewood Savings Bank will help ensure you receive the best loan program available to meet your needs.

What are the benefits of SONYMA Loans?

• Competitive fixed rate mortgages with up to 97% financing available.
• Down payment assistance available up to the greater of $3,000 or of 3% of the home purchase price not to exceed the maximum of $15,000.
• 1% borrower cash contribution for 1&2 unit homes, condos, and manufactured homes permanently affixed to a foundation. 3% borrower cash contribution for cooperatives and 3-4 family homes.
• 120 day rate locks for existing homes and 240 day rate locks for new construction at no cost.
• Special Program for active duty Military, National Guard & Reserves and those veterans who served and were honorably discharged or released.

SONYMA Offers:

• Down payment assistance available up to the greater of $3,000 or of 3% of the home purchase price not to exceed the maximum of $15,000.
• 1% borrower cash contribution for 1&2 unit homes, condos, and manufactured homes permanently affixed to a foundation. 3% borrower cash contribution for cooperatives and 3-4 family homes.

Are you ready for homeownership?

To be “mortgage-ready” and therefore ready for homeownership, you should have:

• A two-year history of a continuing, reliable, and verifiable source of income prior to applying for the loan; and sufficient income to take on the costs associated with homeownership and meet other debt payments. Our Mortgage Consultants will calculate a “debt-to-income” ratio to determine if you meet the lending criteria.

To learn more or get started, speak with our Mortgage Consultants today.

 

Homes for Veterans

The Homes for Veterans Mortgage Program from the State of New York Mortgage Agency (SONYMA) is open to:

• Active Military, National Guard and Reservists who are first-time homebuyers.
• Honorably discharged National Guard and Reservists who are first-time homebuyers.
• Military Veterans who have served in active military, naval or air service and who have been discharged or released under conditions other than dishonorable.

Program Features:

• SONYMA’s lowest available rate.
• Down payment assistance up to $15,000.
• 97% financing.
• As little as a 1% borrower cash contribution.
• Financing for home improvements can be included.

Funds are available until fully used!

To learn more or get started, speak with our Mortgage Consultants today.

 

Down Payment Assistance Loans

DPAL - Down Payment Assistance Loans (DPAL) may be used with any SONYMA program by borrowers toward their down payment and or closing costs.

• DPAL loans can be the higher of $3,000 or 3% of the home purchase price up to $15,000.
• DPAL loans have no monthly payments required.
• A portion of a DPAL loan may be required to be repaid if the SONYMA mortgage is paid off in less than 10 years of the home purchase date. After 10 years, DPAL will be completely forgiven for homeowners who remain in their homes.
• DPAL may also be used to pay upfront mortgage insurance when required.
• Recipients of DPAL loans will pay a 0.375% higher interest than SONYMA’s standard rate on their mortgage (except for the Homes for Veterans and Energy Star® programs).
• Homebuyers can apply for a DPAL loan with their SONYMA mortgage application.

DPAL loans are available with any SONYMA loan program.

To learn more or get started, speak with our Mortgage Consultants today.

 

 

Loans subject to credit approval.
Conditions and restrictions apply. Products, terms, and conditions are subject to change without notice.