Skip to Main Content
NY.gov Portal State Agency Listing Search all of NY.gov
Lenders Servicers Home Builders Real Estate Agents SONYMA Advisory Council Home Buyers Home Owners Renters Income Limits Municipalities/Non-Profits AHC Grantees Neighborhood Stabilization Program (NSP) Homeownership Development Financing Multifamily Development Financing Low Income Housing Tax Credit Program Multifamily Financing Applications Multifamily Owners & Property Managers

Information for Loan Officers

This webpage was developed to provide loan officers with the necessary information and tools needed to successfully originate SONYMA loans.


Frequently Asked Questions

Click here to see our Frequently Asked Questions for Loan Officers.

Click here to see our Frequently Asked Questions concerning First Time Homebuyer Eligibility


Program Comparison Chart

Click here to view the SONYMA Program Comparison Chart.


Compare SONYMA to FHA

  • FHA vs. SONYMA Comparison Chart
    View a chart that compares FHA mortgages to SONYMA mortgages. (Revised December 2013)

  • FHA vs. SONYMA Calculator
    Use this calculator to determine which product may be better for your customer.

Weekly Rate Bulletin/Availability of Funds and Notice of Terms Bulletin

Download the most recent SONYMA Weekly Rate Bulletins by clicking here.


Lender Announcements

Download the most recent lender announcements and Seller's Guide updates by clicking here.


Monthly Lender Notice

Click here to select the most recent SONYMA Monthly Lender Notices.


Features of SONYMA Programs:

  • Borrower contribution as low as 1%
  • Maximum of 97% financing for 1-family (including condos and double-wide manufactured homes) and 2-family homes. Maximum of 95% financing for co-ops. Maximum of 90% financing for 3- & 4-family homes. Click here for Condo and Co-ops special requirements.
  • No maximum CLTV when subordinate financing is a qualified grant/subsidy
  • Availability of down payment assistance (DPAL) up to the higher of $3,000 or 3% of the home purchase price, not to exceed $15,000. Click here to learn more about SONYMA's Down Payment Assistance Program.
  • For certain programs, SONYMA offers a product that enables homebuyers to purchase and repair a property suffering from deferred maintenance. Learn more about the Own it, Fix it New York! Home Mortgage.
  • Less restrictive underwriting guidelines. Click here for SONYMA Credit & Property Underwriting Notes.
  • No loan pricing adjustments or delivery fees
  • 100 day rate lock for existing homes and 240 day rate lock for new construction (or homes under rehabilitation)

For Details on specific SONYMA Mortgage Program features, Borrower Eligibility, and Property Eligibility, please choose a link below:


Exceptions for Qualified Military Veterans

Qualified Military Veterans, their spouses and co-borrowers do not need to be first-time homebuyers. Click here to learn more about the Homes For Veterans Program.


Project Set-Aside Approval List

Click here to download SONYMA's Project Set-Aside Approval List using Adobe Acrobat Reader

SONYMA's Project Set-Aside Approval list is designed to provide you with certain information pertaining to SONYMA's approved condominium and co-operative projects. The Project Set-Aside number (PSA #) must be utilized when reserving loans on our Lender Online (LOL) system. If the development does not appear on the Lender Online (LOL) drop-down, please contact our Project Set Aside Director, Marie Cammarata, at 212-872-0401, for assistance. If the number of units are close to the allotted loans available for financing, we strongly recommend that you contact us to see if any units remain available for financing. This report is updated bi-weekly and may not be up to date at the time of your reservation. If our project approval has expired, please fax (917-274-0401) or email (mcammarata@nyshcr.org) the following documents to us for review:

1) Any amendments filed since the project was approved

2) A recent appraisal and

3) An updated Project Set-Aside Builder/Developer/Sponsor Information Form

Disclaimer: While SONYMA will make every effort to ensure that the information contained in the project list is accurate, it does not guarantee so. The report will be updated twice per month. If the number of Loans Available for Reservation is low, please contact Marie Cammarata at (212) 872-0401 or mcammarata@nyshcr.org before registering a loan.


Targeted Areas

In most cases, applicants who purchase in a Target Area do not need to be first-time homebuyers (Target Area waiver does not apply to Achieving the Dream and Habitat for Humanity Programs). Download SONYMA's Listing for Federally Approved Target Areas.

To obtain a census tract or BNA and block group for a property, click here for instructions on how to get this information from the U.S. Census Bureau website or you may call 1-800-382-HOMES. Exact property address and zip code must be available To find out if a property is located in a Target Area, call SONYMA's Information Center at 1-800-382-HOME (4663) with the exact street address, city or town, and zip code.


Tips for Originating SONYMA Loans

Click here to see our archive of weekly tips published in our Weekly Availability of Funds and Notice of Terms Bulletin.


Lender Online

Click here to access SONYMA's Lender Online. Click here to view Lender Online Log-in Tips. Reserve SONYMA loans online, get loan statuses, print forms, and run pipeline reports using this internet-based reservation and information system. To download the Lender Online User Guide, click here.


SONYMA Staff Directory 11/2013

Click here for a directory of SONYMA staff


Required Forms and Documents

Below is a list of forms or documents that are unique to SONYMA loans. Follow the instructions on how to complete these forms in the Submitting Pre-Closing Application Loan Files notes in order to maximize the possibility of getting a loan approval the first time the loan is reviewed.


Form Name Form Number

Recapture Notification & Mortgagor's Affidavit
Required for all SONYMA loans.
(Click here for a completed sample of 211/3-11)

211/3-11

Property Seller's Affidavit
Required for all SONYMA loans Must be executed by the property seller as of the closing date.

Note: Form is waived for new construction, if the owner of the land and the builder are different individuals or entities or for foreclosed properties being sold by a foreclosing lender/investor.

210/5-09

Interest Rate Option Form
Required for all SONYMA loans.

D3/8-11

Military Veteran's Eligibility Affidavit
The eligible Veteran borrower must sign the affidavit only if the Veteran or any household member who holds title to the property is not a first-time homebuyer.

243/5-09

DPAL Recapture Notification
Required only if the applicant is opting for a DPAL.

D4/9-09

SONYMA Loan Reservation Worksheet and Rate Certification

Exhibit L


Other Required Documents

Recent Paystubs
Required for all persons who expect to occupy the SONYMA-financed property, age 18 or older (regardless of whether they will be on the mortgage application). VOE is acceptable in lieu of paystubs.

Note: Must be computer generated and contain year-to-date earnings)

Federal Income Tax Returns for Last 3 Years
Returns must contain all Schedules and must be signed by all applicants. State returns are not acceptable. Returns are not required if the applicant is purchasing in a Target Area or for eligible veterans, unless required for credit underwriting purposes. Transcripts of returns are acceptable if copies of Federal returns are unavailable.

Own it, Fix it New York! Home Mortgage
The following documents are to be referred to or completed when originating a mortgage which utilizes the Own it, Fix it New York! Home Mortgage feature:


Reimbursement of IRS Recapture Tax

To be eligible for SONYMA reimbursement of any Federal recapture tax the borrower paid, the following must apply:

  • The loan was financed with SONYMA's qualified mortgage revenue bonds and closed on or after July 17, 2007 (or the borrower utilized a Mortgage Credit Certificate on or after September 2, 2009); and

  • The borrower submits "Requests for Recapture Tax Reimbursement" form, along with the supporting documentation to SONYMA.

  • Click here to view a flyer regarding the IRS Recapture Tax.


Lender Training Materials

Download the latest handouts from SONYMA's training seminars which are designed to answer all your questions on:

Click here to contact a Business Development Officer responsible for your area, if interested in product training.


Income and Purchase Price Limits

Download the current income and purchase price limits using Adobe Acrobat Reader.


Brochures & Info

Click here to download SONYMA's Loan Officer Flyer (form can be personalized)

Click here to access other SONYMA brochures and flyers


MIF Mortgage Insurance Premium Charts

SONYMA's Mortgage Insurance Fund (MIF) provides mortgage insurance for all loans reserved under the following programs:

  • Construction Incentive Program
  • Remodel New York Program

Further, MIF will provide mortgage insurance on any loan that meets SONYMA's guidelines and for which the private MI's are unwilling to insure. Below are MIF's premium charts:


Genworth Mortgage Insurance Premium Charts


Homebuyer Education

  • Please click here to access the Genworth homebuyer education course register.

Last updated: 01/03/14


Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Download Acrobat Reader    Download WinZip    Download Word Viewer    Download Excel Viewer    Download PowerPoint Viewer