Information for Loan Officers

• 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 $10,000.  Click here to learn more about SONYMA's Down Payment Assistance Program.
• 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. Click here to learn more about this product.

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
  

• Mortgage Credit Certificate
  

        Note:  As of October 19, 2009, MCC funds are only available for homes purchased in Target Areas.

• Click here for the Mortgage Credit Certificate Participating Lender's Page.

Project Set-Aside Approval List

Download SONYMA's Project Set-Aside Approval List using Adobe Acrobat Reader.

This 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 the loan 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 you see that the number of units are near or close to the allotted loans available for financing, we strongly recommend that you contact us to see if any units 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@nyhomes.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.

(http://www.nyhomes.org/Modules/ShowDocument.aspx?documentid=4539).

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@nyhomes.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.

• Target Areas by County and Municipality 
• Target Areas by County and Census Tract 

To obtain a Census Tract or BNA and Block Group Number for a property, click here to be directed to the U.S. Census Bureau website or you may call 1-800-382-HOMES.  Exact property address and zip code must be availableTo 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 on the above link to see our archive of weekly tips published in our Weekly Availability of Funds and Notice of Terms Bulletin.
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Lender Online
Click on the above link to access SONYMA's Lender Online system. Reserve SONYMA loans online, check loan status, print forms/documents, and run pipeline reports using this internet-based reservation and information system. To download the Lender Online User Guide, click here. 

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.

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.

Frequently Asked Questions
Click here to see our Frequently Asked Questions for Loan Officers.

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.
  

Download the latest handouts from SONYMA's training seminars which are designed to answer all your questions on:

• General Program Information (Updated 3/2010)
• Submitting Pre-Closing Application Loan Files (Updated 3/2010)
  
• Credit and Property Underwriting Notes 
• Tool for Calculating Compliance Income  (2010 Calendar)
• Example for Completing Recapture Notification and Mortgagor's Affidavit (Updated 2/2010)
  

Click here to contact a Relationship Manager responsible for your area, if interested in product training.

Income and Purchase Price Limits
Download the current income and purchase price limits using Adobe Acrobat Reader.

• Low Interest Rate, Construction Incentive, and Remodel New York Program; Mortgage Credit Certificates
• Achieving the Dream Mortgage Program

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

• Monthly Premiums
• Annual Premiums

Please click here to access the Genworth homebuyer education course register.