ENERGY STAR® Labeled Homes Term Sheet

Features of New York ENERGY STAR® Labeled Homes product:

• Interest rates that are 0.50% lower than our standard interest rates for loans with down payment assistance.
  
  
• Down Payment Assistance of $3,000 or 3% of the home purchase price (not to exceed $10,000) OR the Tax Credit Advance Loan up to 10% of the home purchase price (not to exceed $8,000).
  
  
• No points or origination fees.
  
  
• 240-day rate lock.
  

Available Programs for the New York ENERGY STAR® Labeled Homes product; to learn more about each of the below programs, click on the program listed:

• Achieving the Dream Mortgage Program
  
  
• Construction Incentive Program
  

Eligible Properties must: 

• Be one of the following property types:
  
  
  • Newly constructed one family home

or

• Newly constructed two family home located in a SONYMA Target Area.
  

Before registering your loan application with SONYMA, the participating lender will be required to do the following:

1. Ensure that the contract of sale between the applicant and the builder clearly states that the home is being built in accordance with New York ENERGY STAR® Labeled Homes requirements, and
   
   
2. Verify with NYSERDA or LIPA, as applicable, that the builder is a registered ENERGY STAR® builder. 

Prior to Loan Closing, the following steps must be taken:

1. During the construction phase of your New York ENERGY STAR® Labeled Home, a certified third-party Home Energy Rating System (HERS) rater must perform several inspections of the home to ensure that it is being built to the New York ENERGY STAR® standards.
   
   
2. Once the home is complete, the builder must submit documentation, including the final certification of the HERS rater, to the New York State Builders Association (NYSBA).
   
   
3. Once NYSBA completes its review, it will provide a notification to your SONYMA lender that the home has been built and tested to meet the New York ENERGY STAR® Labeled Homes Program requirements.
   
   
4. Upon receipt of the notification from NYSBA, the participating lender may close the loan and you will receive the special incentive interest rate offered by SONYMA. Click here to see interest rates for this product.