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Homes and Community Renewal

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Achieving the Dream Program Term Sheet

Program Features:

  • Very low fixed interest rate;

  • No points;

  • Financing of up to 97% of the value of the property for qualified borrowers and homes (for three and four family dwellings the maximum financing is 90%, and for the cooperative apartments, the maximum financing is 95%);

  • A low minimum borrower cash contribution requirement of 1% of the value of the property (3% for three and four family dwellings & for cooperative apartments).

  • 120 day interest rate locks for existing housing (short term lock in) and 240 days for properties under construction or rehabilitation (long term lock in);

  • Term of 30 years only;

  • No prepayment penalties;

Eligible Borrowers must:

  • Be a first time homebuyer as defined by SONYMA (This requirement is waived for eligible military veterans and their household members or for borrowers seeking to purchase a home located in a Federally designated Target Area. See Exceptions for Borrowers for more details);

  • Meet SONYMA's credit underwriting standards. Applicants must have:

    • a steady job

    • a good credit history

    • sufficient income to make the mortgage payment and meet other debt payments, and

    • sufficient cash, savings, or other assets for downpayment and closing costs;

  • Meet SONYMA's Household Income Limit requirements (click here to see Household Income Limits for your area);

  • Occupy the SONYMA-financed home as their permanent residence.

Note: If you currently own a residential investment or vacation home and you intend to retain ownership of the home, you will not qualify for SONYMA financing.


Eligible Properties must:

  • Be located in New York State;

  • Have a sales price that does not exceed SONYMA's Purchase Price limits (click here to see Purchase Price Limits for your area);

  • Not be used for any business or commercial purpose;

  • Be one of the following property types:

    • Existing or newly constructed one family home (includes condominiums and cooperatives);

    • Two, three, or four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years;

    • Two family home located in a Target Area that is newly constructed or was constructed within the five years prior to the SONYMA loan application date;

  • Be a maximum of 5 acres (exceptions can be made on a case by case basis);

  • Have at least 500 square feet of living space (exceptions can be made on a case by case basis).

Additional Considerations:

Regarding Coops and Condos:

Borrowers purchasing a condominium or cooperative unit must satisfy certain special requirements. (Click here for special requirements for condominiums and cooperatives.)


Last updated: 11/14/12