SONYMA provides low interest mortgages to low- and moderate-income first-time homebuyers throughout New York State. SONYMA is one of the nation's largest issuers of single family housing bonds with more than $3 billion of bonds outstanding as of December 31, 2009. As of March 2010, SONYMA's bonds issued under the Agency's Homeowner Mortgage Revenue Bond Resolution are rated Aa1 by Moody's. SONYMA's floating rate debt carries the short-term rating of the third-party liquidity provider. SONYMA's bondholders are paid solely from the mortgages and certain other assets pledged under the resolution.
All of the Agency's mortgage loans require full documentation. The Agency lends to borrowers seeking 30-year fixed rate financing to purchase one- to four-family homes. As of December 31, 2009, the funds generated through the Agency's bond issuances have helped some 151,136 of New Yorkers to achieve homeownership.
Last updated: 8/31/2012