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SONYMA Products for First Time Homebuyers

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The State of New York Mortgage Agency (SONYMA) offers five mortgage programs as well as mortgage credit certificates, to assist first-time homebuyers with the purchase of a home in New York State.  SONYMA mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance while mortgage credit certificates feature a Federal income tax credit.  Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds. 

Mortgage Credit Certificates
Used in conjunction with a participating lender’s fixed-rate mortgage product; provides a dollar-for-dollar tax credit equal to 20% of the borrower’s annual mortgage interest costs when filing his/her Federal income tax return.
MORTGAGE PROGRAMS: 
 
1) Homes for Veterans Program:  A program specifically designed for military veterans. Allows a qualified veteran to apply for any of the below listed SONYMA programs with more favorable terms.

2) Remodel New York:  First-time homebuyers* can buy an existing home and finance the cost of renovating it with one low, fixed rate mortgage.

3) Achieving the Dream:  Features lower interest rates than other SONYMA programs. Available to lower income first-time homebuyers.  Click the link below to learn about incentives for purchasers of newly constructed, energy efficient homes.

4) Construction Incentive Program:  First-time homebuyers* can use this program to buy a home under construction or rehabilitation. Click the link below to learn about incentives for purchasers of newly constructed, energy efficient homes.

5) Low Interest Rate Program:  SONYMA’s standard mortgage program for a first-time homebuyer* purchasing a newly constructed or existing home.