mortgages > SONYMA Mortgages
Making the Dream of
Home Ownership Possible in New York
SONYMA creates affordable homeownership opportunities for low- and moderate-income first-time homebuyers and other qualifying homebuyers, and to provide mortgage insurance for qualifying real property loans.
- Available for New York properties only.
- Low rates.
- 3% down payment.
- Available for qualified borrowers under SONYMA's income and purchase price limitations.
Which SONYMA Mortgage is right for you?
The State of New York Mortgage Agency (SONYMA) offers four mortgage programs to assist you with the purchase of a home in New York State. Each program features a below-market interest rate, low down payment requirements, no prepayment penalties, and offers closing cost assistance. 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.
- Low Interest Rate Program
SONYMA's standard mortgage program for a first-time homebuyer* purchasing a newly constructed or existing home.
- Remodel New York
First-time homebuyers* can buy an existing home and finance the cost of renovating it with one below-market fixed rate mortgage.
- Achieving the Dream
Features the lowest interest rate of all SONYMA programs. Available to lower income first-time homebuyers.
- Construction Incentive Program
First-time homebuyers* can use this program to buy a newly constructed home. Features 100% financing with a stepped interest rate that is lower for the first 48 payments.
- Homes for Veterans Program<
A program specifically designed for military veterans. Allows a qualified veteran to apply for any currently available SONYMA program with more favorable terms.
*You do NOT have to be a first-time homebuyer to be eligible for this program if you are buying a home in a Target Area.
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!"