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SONYMA - Homes for Veterans Program

SONYMA, in conjunction with the New York State Department of Veterans' Affairs and M&T Bank, is pleased to offer the Homes for Veterans Program that will enable more U.S. military veterans to buy their first home or move to a different home. SONYMA has committed $10.6 million to the program. A recent change in Federal law enables SONYMA to waive the first-time homebuyer requirement for any veteran (and their spouse or co-borrower) who:

• Served in active military, naval, or air service.
• Has been discharged or released from their military duties under conditions other than dishonorable.

Features and requirements of the Homes for Veterans Program.

The Homes for Veterans Program features the following:

• Veterans, and their spouses or co-borrowers, need not be a first-time homebuyer.
• Interest rates that are 0.50% lower than our standard interest rates (for loans with closing cost assistance).
• Closing cost assistance up to the greater of $5,000 or 5% of the requested loan amount.
• No points or origination fees.
• Minimum borrower cash contribution only 1% (the remaining 2% can come from a gift or other acceptable source).

Applicants can apply for any currently available SONYMA programs. To learn more about each of the below programs, click on the program listed:

• Low Interest Rate Program
• Achieving the Dream Mortgage Program
• Construction Incentive Program
• Remodel New York Program