SONYMA (State of New York Mortgage Agency) mortgages
SONYMA is dedicated to providing affordable home ownership opportunities to low and moderate-income families in the State of New York by offering low interest rate mortgages.
Alternatives offers most of SONYMA's mortgage programs:
SONYMA mortgage features:
- Usually below-market interest rates
- No points
- Down Payment Assistance Loans (DPAL) are available
- First-time homebuyer criteria is waived for veterans and properties in "target areas"
- Alternatives can draw together funding from other sources to help decrease your loan amount (ex:Alternatives Federal Credit Union First Home Club IDA, Ithaca Neighborhood Housing Services, Tompkins Community Action, etc.)
- Any Federal Recapture Tax (IRS) will be reimbursed by SONYMA
- Energy STAR labeled homes get DPAL without the rate increase (Construction Incentive and Achieving the Dream programs only)
For more information contact
Brian Kunk-Czaplicki to learn how Alternatives can help you with a low-interest SONYMA mortgage.