The State of New York Mortgage Agency and……You! Working together to provide New Yorker’s safe, affordable and sustainable home financing opportunities.

By PresenterMedia.com

SONYMA and Homebuyer Counselors – Perfect Together

SONYMA offers safe, affordable and sustainable home mortgage products and our non-profit partners offer the pre-purchase education necessary to sustain our borrowers.

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Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities

Competitive, 30-year, fixed rate loans. No points; no added fees based upon credit score or amount of down payment. Rates effective September 13, 2013: LIRP: 5.00% ATD: 4.50%

Lower MI payments. MI can be offered through the Mortgage Insurance Fund. Single Premium MI funding available.

97% LTV with only 1% from borrower’s own funds

For one- and two-family homes, including condominiums.

Cooperative units: 95% LTV with 3% from borrowers own funds.

Three- and four-family homes: 90% LTV with 3% from

borrower’s own funds

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Safe, affordable and sustainable home financing opportunities

Down Payment Assistance available.

Up to $15,000 of DPA available to all SONYMA borrowers.

Flexibility with subordinate financing.

No maximum TLTV/CLTV when subordinate financing is a qualified Grant/Subsidy.

No limit to assistance.

Liberal qualifying ratios: 40/45

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Key Benefits of SONYMA Products

Safe, affordable and sustainable home financing opportunities

Favorable lending guidelines for

Condominiums and Cooperatives

Longer rate-lock periods: 100/240 days

Up to $1,000 cash-on-hand (no seasoning)

Useful online tools: SONYMA vs. FHA Comparison Chart and Loan calculator available on website

Key Benefits of SONYMA Products

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SONYMA Borrower Eligibility

“A person who has not had an ownership interest in his or her principal residence during the three years prior to the date of making application for a SONYMA mortgage loan; and at the time of closing does not have an ownership interest in another residential property “

Does the borrower qualify under the Income and Purchase price limits set for the county in which they are making their purchase?

Who is a First-time Homebuyer?

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Low-Interest Rate Program – Albany MSA – Income Limits: 1 or 2 person household $77,000 / $92,400* 3+ person household $88,500 / $107,800*

Low-Interest Rate Program – Albany MSA – Purchase Price Limits:

Single-family homes $284,810 / $348,100* Two-family homes $364,600 / $445,620* • If property is located in a Federally-designated Target Area. • See www.SONYMA.org for 3- and 4-family units.

Albany MSA Example

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Low Interest Rate Program for moderate-income households features up to 97% financing (1-4 family) Target Area & Veteran waivers apply

Achieving The Dream Program for lower-income

households features up to 97% financing at a lower rate

1-2 family homes only

2-family new construction, target areas only

Must be a first-time homebuyer with

exception of eligible Veterans.

Key SONYMA Loan Programs

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Homes for Veterans

Provides DPAL with no rate adjustment. First-time homebuyer requirement waived for eligible veterans.

Active duty personnel may now apply, but must be a first-time homebuyer.

HFV borrowers receive the lower ATD rate (regardless of the program).

Energy Star Program

DPAL borrowers receive a reduced interest rate when purchasing new construction meeting NY Energy Star standards

Own it, Fix it NY

Combine the purchase and the cost of renovation into one loan. (1-2 units)

Overlays to SONYMA’s Standard Products

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Down Payment Assistance Loan - “DPAL” Optional with ALL SONYMA loan programs:

• 0% interest; no monthly payment; second mortgage lien.

• Borrowers receive the GREATER of $3,000 or 3% of the purchase

price, up to $15,000.

• Forgivable loan with a 10-year recapture period.

• Increases SONYMA’s standard rate for most programs by 0.375%. (Exceptions: Habitat for Humanity; Homes for Veterans; Energy Star)

DPAL funds must be applied to down payment with two exceptions. If the DPAL exceeds a borrower’s minimum down payment requirement (when the purchase price is less than $100,000), the excess DPAL may be credited to closing costs and to fund single premium mortgage insurance. Borrowers must make their minimum required contribution from their own funds toward their purchase, but it is based upon the “net purchase price.” (purchase price less the amount of DPAL and other grants/subsidy funds applied to down payment)

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Down Payment Assistance Loan “DPAL”

There is no separate set of underwriting guidelines

Borrowers select or decline DPAL during the application process

The DPAL will be approved during the SONYMA compliance review

Borrowers will be subject to NYS mortgage tax & recording fees

The loan is forgiven at the rate of 1/120th each month

during the 10-year recapture period. Or in full if the

financing stays in place for the 10-year period.

Repayment will be based further on net equity.

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What’s New at SONYMA?

SONYMA Express®

SONYMA has developed its own automated underwriting decision engine. “SONYMA EXPRESS” is currently in the final testing phase and is expected to speed up loan underwriting and approvals. Expected release date: November 2013.

SONYMA Advisory Council

Representatives from lenders, NYSAR and non-profit partners meet with us to provide valuable feedback to help SONYMA’s programs and processes.

In September 2011, SONYMA hosted its first ever homeownership event called Welcome Home, NY! in Jamaica, Queens . The next Welcome Home, NY events were in Rochester in September 2012 and Buffalo in May 2013.

Next Stop: Brooklyn, October 12, 2013.

Welcome Home, New York Events

Loan Comparison Tool

Loan Comparison Tool

www.SONYMA.org

Helping NYS homebuyers put the pieces together!

SONYMA and our non-profit partners, working together, piece-by-piece.