Information for Loan Officers
This webpage was developed to provide loan officers with the necessary information and tools needed to successfully originate SONYMA loans.
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)
- Job loss protection for eligible borrowers who obtain PMI insurance through Genworth Mortgage Insurance Corporation (for the Low Interest Rate and Achieving the Dream Programs only). Click here to download a flyer with more information about Job Loss Protection.
For Details on specific SONYMA Mortgage Program features, Borrower Eligibility, and Property Eligibility, please choose a link below:
- Low Interest Rate Program
- Achieving the Dream Program
- Construction Incentive Program
- Remodel New York Program
- Homes for Veterans Program
Program Comparison Chart
Click here to view the SONYMA Program Comparison Chart.
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
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 |
211/3-11 |
Property Seller's Affidavit 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. |
|
Interest Rate Option Form |
|
Military Veteran's Eligibility Affidavit |
|
DPAL Recapture Notification |
|
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:
Home Mortgage Maximum Mortgage Worksheet (Form H1)
Note: Lender is required to submit this document in the pre-closing loan file package.
This worksheet assists Lenders in calculating the maximum mortgage amount.Home Mortgage Eligible and Ineligible Renovations List
Note: This is a reference document only.Home Mortgage Home Improvement Contract Provisions
Note: This is a reference document only.Home Improvement Contract NYC (for New York City)
Note: This is a sample document only; lender may use a similar form in lieu of this document.Home Improvement Contract Upstate (for New York State properties, except in New York City)
Note: This is a sample document only; lender may use a similar form in lieu of this document.
Frequently Asked Questions
Click here to see our Frequently Asked Questions for Loan Officers.
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:
General Program Information (Updated: 6/2011)
Submitting Pre-Closing Application Loan Files (Updated: 3/2011)
Own it, Fix it New York! Home Mortgage
Tool for Calculating Compliance Income (2012 Calendar)
Example for Completing Recapture Notification and Mortgagor's Affidavit (Updated: 3/2011)
Click here to contact a Relationship Manager responsible for your area, if interested in product training.
FHA vs. SONYMA Comparison Chart
Click here to view a chart that compares FHA mortgages to SONYMA mortgages.
Income and Purchase Price Limits
Download the current income and purchase price limits using Adobe Acrobat Reader.
- Low Interest Rate, Construction Incentive and Remodel NY Programs; and Mortgage Credit Certificates (revised: 7/6/11)
- Achieving the Dream Mortgage Program (revised: 7/6/11)
Brochures & Info
Click here to download SONYMA's Loan Officer Flyer (form can be personalized)
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 Rate Card
Homebuyer Education
- Please click here to access the Genworth homebuyer education course register.
Last updated: 1/20/2012
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