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Homes for Veterans Program Term Sheet

The Homes for Veterans Program features the following:

  • Veterans and their spouses or co-borrowers, need not be a first-time homebuyer.
  • First time homebuyers who are U.S. military personnel stationed in New York State (regardless of discharge status) or active or honorably discharged National Guardsman and reservists may take advantage of the program benefits.
  • Interest rates are lower than our standard interest rates.
  • Down Payment Assistance of $3,000 or 3% of the home purchase price (not to exceed $15,000).
  • No points or origination fees.
  • Minimum borrower cash contribution only 1% (the remaining 2% can come from a gift or other acceptable source).

Applicants can apply for any currently available SONYMA program. To learn more about each of the below programs, click on the program listed:

Please note that any features of these programs that conflict with the features of the Homes for Veterans Program are superseded by the features of the Homes for Veterans Program.

In order to qualify for the Homes for Veterans Program, veterans or active service U.S. military personnel must supply the following documentation with their SONYMA mortgage application (as indicated below):

  • DD214 - Certificate of Release or Discharge from Active Duty or NGB Form 22 – Report of Separation and Record of Service;
  • Military Veteran's Eligibility Affidavit (SONYMA Form 243) [Required only if an eligible veteran (or their spouse or co-borrower) is not a first-time homebuyer.]
  • Leave and Earning Statement (Required for ALL active duty U.S. military personnel)
  • Military ID Card (Required for ALL active duty U.S. military personnel)

Last updated: 03/21/14