State of New York Mortgage Agency (SONYMA) for Homebuyers (2024)

FAQs

How long does a SONYMA loan take to close? ›

Peter Kwak, a home lending officer at Citibank, said SONYMA loans take around two to three months to close. The federal recapture tax: If you sell your home within nine years, it's possible you'll pay higher income taxes that year because of the so-called federal recapture tax.

SONYMA's Conventional Plus Program is a mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home.

Basic Income Calculation: Obtain the year-to-date (YTD) gross income from current paystub. Deductions for pre-tax income (e.g., 401k, 457b contributions, health benefits, etc.) are not allowed. Divide YTD income by number of weeks elapsed in the current year and multiply by 52 to obtain annual income.

A: No, under Federal law, SONYMA is not permitted to refinance an existing mortgage. If you wish to refinance, you will have to obtain financing from a conventional lender or another source.

SONYMA Mortgage Benefits:

30-year, competitive, fixed-rate mortgages with long-term lock rates. SONYMA mortgages can be combined with a 0% interest loan for up to $15,000 for down payment/closing costs assistance.

If your financial situation changes suddenly, for example, a significant loss of income or a large amount of new debt, then your loan could be denied. Issues related to the condition of the property can lead to a loan denial after closing.

To qualify for an FHA loan in New York, you must meet the above requirements. You must have a credit score of at least 500. Your DTI must be less than 57%. You must be able to put down a 3.5%-10% down payment.

SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers. The mortgage loans are purchased from the lenders by SONYMA, which funds the purchases by issuing tax-exempt bonds.

Maximum Underwriting Ratios.

The monthly housing‐to income expense ratio may not exceed 40%, and the monthly total debt‐to‐income expense ratio, may not exceed 45%.

What is the income to expense ratio for SONYMA? ›

The SONYMA MIF income-to-expense ratio is calculated by dividing effective gross income by total projected operating expenses including debt service and annual fees. The minimum income-to-expense ratio is 1.05 to 1.00.

Please feel free to call 800-382-HOME or click here to connect with the SONYMA team, or contact a participating lender to learn more about your next steps.

The primary objective of SONYMA's Mortgage Insurance Fund (“MIF”) is to assist in the creation and preservation of affordable housing by utilizing its credit enhancement capability.

State of New York Mortgage Agency (SONYMA) offers low-interest mortgage loans and programs to help qualified buyers purchase their first home. SONYMA provides access to affordable homeownership by removing many of the hurdles faced by first-time homebuyers.

Key Takeaways. Ask both your lender and your real estate agent for an estimate of the closing timeline. Lock your rate quickly and respond to every question and documentation request from your lender as quickly as possible. Conventional mortgages close in an average of 48 days, though that timeframe can vary.

In California, the FHA loan approval and closing process can vary from one borrower to the next, for a number of reasons. Variables that can affect the timeline include: the amount of time spent shopping for a home, underwriting issues (or the lack thereof), and the amount of documents that are needed.

A seller typically receives their money from the home sale 24 – 48 hours after closing. This timeline can be different depending on your state and whether the seller chooses to receive their money by cashier's check or wire transfer.

The closing process usually takes 30 to 90 days. Read on to learn what happens during each stage of the process. If you're working with a real estate agent, with your permission, he or she may place an order with a closing agent as soon as your sales contract is accepted.