Through SONYMA's Project Set-Aside, home builders, developers, and local community sponsors are given a powerful marketing tool by enabling them to offer low-cost, fixed-rate SONYMA mortgages to qualified buyers. Under Project Set-Aside, SONYMA will approve a specific number of units in your development to be funded with SONYMA financing.
A full range of community development and neighborhood preservation activities are eligible under Project Set-Aside. Projects may include the renovation of existing structures; both small or extensive new construction developments; conversion of lofts, factories, and school type buildings; mid and high rise condominiums and cooperatives; fee-simple townhouses; garden-style projects and standard subdivisions.
Upon you receiving a Project Set-Aside Loan approval, applicants can apply for any of the below listed programs as long as they meet the criteria of that program. The programs we offer for newly constructed homes are:
Construction Incentive Program - Features 97% financing with a fixed interest rate for first-time homebuyers* and the rate lock period of 240 days from reservation. (Click here for more information on the Construction Incentive Program.)
Achieving the Dream Mortgage Program - Features 97% financing and the lowest interest rate of all SONYMA programs. Available to lower income first-time homebuyers. The rate lock period is 240 days. (Click here for more information on the Achieving the Dream Mortgage Program.)
Down payment assistance is available to all SONYMA borrowers applying for one of these programs. (Click here for more information on SONYMA's Down Payment Assistance Loan.)
*Applicants do NOT have to be a first time homebuyer to be eligible for this program if the home they are buying is located in a Target Area.
All SONYMA Mortgage Programs require borrowers to meet certain Household Income and Purchase Price limits.
Click here to see SONYMA's Purchase Price Limits.
Click here to see SONYMA's Household Income Limits.
Click here to learn about special incentives in Target Areas.
SONYMA has over 50 Participating Lenders located statewide.
Click here to see SONYMA's Participating Lender List.
To compare all SONYMA mortgage programs, see our Program Comparison Chart.
Note: SONYMA shall take into consideration the recommendation of the relevant Governor's regional economic development council or the Agency's determination that the proposed project aligns with the regional strategic priorities of the respective region.
Last updated: 6/3/2010