State of New York Mortgage Agency Low-Income Mortgage Products
For additional information about SONYMA Mortgage Products, contact us:
- Home of Your Own Program: An exclusive mortgage product for people with intellectual and developmental disabilities, their parents or legal guardians and income-eligible employees of OPWDD's workforce and Voluntary Agencies. This mortgage offers a fixed interest rate of 4% for 30 years.
Note: Only if the applicants do not qualify for another SONYMA program, will they be considered for the Home of Your Own Program.
- Low Interest-Rate Program: SONYMA's Low Interest-Rate Program provides qualified low and moderate income first time homebuyers with low down-payment mortgage financing on one-to-four-family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at competitive fixed interest rates.
- Construction Incentive Program: SONYMA's Construction Incentive Program was created in an effort to stimulate the construction of one and two family homes. The program features 97 percent financing.
- Achieving the Dream Program: SONYMA's Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low down payment mortgage financing on one and two family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at a very low fixed interest rate.
- Remodel New York Program: The Remodel New York Program provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under Remodel New York, SONYMA will finance both the purchase and the renovation of the home with one mortgage.