If you’re a first time homebuyer looking for a low interest rate mortgage program, look no further than those offered by the State of NY Mortgage Agency (SONYMA).
SONYMA, which works with over 70 lenders around the state, was created in 1970 as a public benefit corporation due to shortages in funds in the private banking system. Today it continues to help customers with any mortgage issues they may have.
One of its most popular programs is the “Keep the Dream” program, which was designed to help eligible New Yorkers with certain high-risk mortgages avoid possible foreclosure.
“Our mission at SONYMA is to help working class families buy their first home and keep their homes,” said President and Chief Executive Officer Priscilla Almodovar. “That is why our ‘Keep the Dream’ program is so important – it will give families in danger of losing their homes the ability to refinance their mortgages and remain as homeowners.”
Families can refinance and obtain a 30- or 40-year fixed-rate mortgage at competitive interest rates. A SONYMA “Keep the Dream” mortgage can be as high as $417,000, and financing is available for up to 100 percent of the value of the borrower’s property.
Another of the agency’s primary programs listed on its website is the Low Interest Rate Mortgage Program, which issues tax-exempt mortgage revenue bonds and uses the proceeds to fund below-market interest rate mortgage loans to low- and middle-income first-time homebuyers.
If you’re interested in learning more about any SONYMA programs, call 800-382-HOME (4663) or log onto the website at www.nyhomes.org. You can also contact one of SONYMA’s lenders in Queens by calling the Astoria Federal Savings and Loan Association at 800-538-6547 or M&T Bank of Ozone Park at 718-845-2300.
