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SONYMA's Conventional Plus Program is a new mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home or for the refinance of an existing mortgage (on a primary home). The down payment assistance may also be used to pay closing costs (including an upfront single mortgage insurance premium, if necessary, and thus eliminating the monthly mortgage insurance premium payment). With all these combined features including flexible underwriting guidelines, Conventional Plus offers a lower monthly payment than most mortgages.
Down payment assistance is available for Conventional Plus
Conventional Plus requires borrowers to meet certain Household Income limits
To apply for a Conventional Plus loan you must contact a Participating Lender
To compare the payment of a Conventional Plus loan to an FHA loan, click on the appropriate link below: