The State of New York Mortgage Agency (SONYMA) now has the lowest interest rates ever offered in 40 years. SONYMA’s Low Interest Rate Program is at a rate of 4% and it’s Achieving the Dream Program, for low-income first-time homebuyers, is at 3.5%!
SONYMA is dedicated to providing affordable home ownership opportunities to low- and moderate-income families in the State of New York by offering competitively-priced mortgages. SONYMA was created in 1970 with the mission of helping low- and moderate- income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.
SONYMA offers six mortgage programs as well as mortgage credit certificates to assist you with the purchase of a home in New York State. Each mortgage program features a competitive interest rate, low down payment requirements, no prepayment penalties and down payment assistance, while the mortgage credit certificates offer a federal income tax credit. Each of these features are designed to make your home purchase more affordable.
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