State of New York Mortgage Agency (SONYMA) Loans
Low-interest mortgage loans for qualified buyers in New York.
KeyBank is a SONYMA Participating Lender. Our specialized mortgage loan officers can explain all of the program benefits, requirements and options you’ll want to know.
Qualifying First Time Homebuyers1 (and eligible military Veterans) in New York State
|Loan to Value (LTV)||
Up to 97%
As low as 3%. Plus, down payment assistance loans (DPAL) are available for qualified buyers2
- Competitive fixed interest rates
- Low down payment options
- Down payment assistance loans with 0% APR, no monthly payment and forgiven after 10 years3 are available.
- Other eligible grants and subsidies may be used with no limits
- Available to qualified lower- and moderate-income homebuyers in New York state
We'll walk you through your options. With your rates, terms and benefits in hand, you'll have everything you need to take the next step.
First-time homebuyer is defined by SONYMA as not owning your primary residence during the past three years. First-time homebuyer requirement is waived for eligible military veterans and may be waived for applicants who purchase a home in a Federally designated Target Area. Income limits apply. Ask us for details.
Interest rates for first-time mortgages with a DPAL attached may be higher than mortgages without. Ask us for details.
All or a portion of the DPAL may be required to be repaid if borrower sells their home or refinances their mortgage within the first 10 years of purchase. The amount subject to possible repayment will decrease by 1/120 per month, each month borrower resides in the property secured by the loan and DPAL.
SONYMA loans are not eligible for additional KeyBank mortgage interest rate discounts.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval. Mortgage and home equity lending products offered by KeyBank are not FDIC insured or guaranteed.
All SONYMA mortgage programs require borrowers to meet certain household income and purchase price/appraised value limits. All SONYMA mortgage programs offered by KeyBank are subject to final approval by SONYMA. Available for homes located in the state of New York only. For more information, visit www.sonyma.org
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