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SONYMA - Achieving the Dream Program
SONYMA's Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low downpayment 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. |
Features and requirements of the Achieving the Dream Program.
- Very low fixed interest rate;
- 1 point or origination fee;
- Financing of up to 97% of the value of the property for qualified borrowers and homes (for cooperative apartments, the maximum financing is 90%);
- A low minimum borrower cash contribution requirement of 3% of the value of the property (5% for cooperatives);
- 100 day interest rate locks for existing housing (short term lock in) and 220 days for properties under construction or rehabilitation (long term lock in);
- Terms of 30 and 40 years only (interest rates for 40 year mortgages are 0.125% higher);
- No prepayment penalties;
- Closing Cost Assistance;
- Payment Protection in the event of temporary job loss or accident.
Eligible Renovations
- Be a first
time homebuyer as defined by SONYMA;
- Meet SONYMA's credit underwriting
standards. Applicants must have:
- a steady job
- a good credit history
- sufficient income to make the mortgage
payment and meet other debt payments,
and
- sufficient cash, savings, or other assets for downpayment
and closing costs;
- Meet SONYMA's Household Income Limit
requirements;
- Occupy the SONYMA-financed home as
their permanent residence.
Note: If you currently own a residential investment or vacation
home and you intend to retain ownership of the home, you
will not qualify for SONYMA
financing.
The properties must:
- Be located in New York State;
- Have
a sales price and appraised value (as determined by a professional
real estate appraiser) that does not exceed SONYMA's Purchase
Price/Appraised Value
limits (click here to see Purchase Price/Appraised Value Limits for your
area);
- Not be used for any business or commercial
purpose;
- Be one of the following property types:
- Existing or newly constructed
one family home (includes condominiums and cooperatives);
- Existing
two family home that is at least five years old as of the
SONYMA loan application date and has been
used only
as a residence during the
past five years;
- Two family home located in a Target Area that
is newly constructed or was constructed within the five
years prior to the SONYMA
loan application date;
- Be a maximum of 5 acres (exceptions
can be made on a case by case basis);
- Have at least 500 square
feet of living space (exceptions can be made on a case by
case basis).
Additional Considerations:
- A SONYMA mortgage may not be used
to refinance an existing mortgage and SONYMA mortgages are
non assumable;
- All applicants must complete a homebuyer
education course;
- SONYMA
will require a 1% lock in deposit to be paid by the applicant
at loan application. The deposit will be refunded to the borrower
or credited towards
closing costs except if the applicant cancels or withdraws their loan
application, or makes a material misrepresentation on their loan
application;
- All loans
with less than a 20% downpayment will require private mortgage
insurance (PMI);
- All loans must be approved for pool
insurance by SONYMA's mortgage pool insurer;
- All borrowers are
subject to a potential "recapture tax" under
Federal law;
- An applicant whose
spouse, domestic partner, fiance, or fiancee (who is not an
applicant) does not meet SONYMA's definition of first time homebuyer
and
therefore,
is not eligible for financing.
- Funds are limited and available on
a first-come, first-served basis.
- An applicant who has used more than
10% of their current residence (or a prior residence) for a
business or commercial use in the
past year, is not
eligible
for financing.
Regarding Co-ops and Condos:
Borrowers
purchasing a condominium or cooperative unit must satisfy certain
special requirements.
Payment Protection in the Event of
Job Loss or Accident
Most Achieving the Dream Mortgage Program
borrowers can have peace of mind by knowing that if temporary involuntary
unemployment
or an accident prevents
them
from making their monthly mortgage payment, coverage is provided at no
additional cost.
Features of HomeOpeners® MonthlyPlus payment protection plan:
- Pays up
to $2,000 per month towards your monthly mortgage payment (including principal,
interest, taxes and insurance) if either you or your co-borrower
become involuntarily unemployed for more than thirty (30) days. Up to six
(6) monthly
payments will be made.
Note: If more than one borrower, a
proportionate benefit is paid.
- No additional cost to you. The
cost of this coverage is paid by Genworth Mortgage Insurance
Corporation for any borrower obtaining PMI insurance through
Genworth
Mortgage Insurance Corporation.
Note: HomeOpeners® MonthlyPlus
is only available to SONYMA borrowers who obtained PMI insurance
through Genworth Mortgage Insurance Corporation.
The Mid-Island Mortgage Corp. Difference.
What separates Mid-Island Mortgage Corp. from everyone else is our solid track record and proven stability since 1959. Mid-Island Mortgage Corp. is your personal mortgage banker, regardless of trends and market cycles. While many of the new players to the home mortgage field have abandoned the community, chasing the next "hot market" to take advantage of, Mid-Island Mortgage Corp. is still happily serving you, your family and your neighbors.
Our commitment to the thousands seeking the dream of home ownership is one of the many reasons we say "you always have a home with us!"
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