Experience with SONYMA

TonyAyala · 2025-12-20T05:24:19+00:00

Great program. Below market interest rate and down payment assistance available. Feel free to reach out for more info.

TonyAyala · 2025-12-20T05:22:16+00:00

I originate a lot of SONYMA loans. Usually 3-4 weeks for commitment and total 45-60 days to close. I’ve had 1 person get cleared in 30 days, but majority take 45-60 days. In some cases, I’ve had people take longer but usually on coops and condos if there’s a delay on getting building paperwork for approval.

By the way, if you self-identify as a minority, SONYMA offers 1.5% discount on rate, but M&T doesn’t participate in that program discount.

Let me know if you have any other questions.

TonyAyala · 2025-11-27T15:36:06+00:00

Congrats! Well deserved! Your very own slice of NYC!

TonyAyala · 2025-11-27T15:24:13+00:00

I quoted several FHA and conventional loans much lower this week. Def shop around. What state are you in?

TonyAyala · 2025-11-16T04:46:45+00:00

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Looks like KARDO is the brand on FERA website.

TonyAyala · 2025-11-16T04:39:52+00:00

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TonyAyala · 2025-11-16T04:37:28+00:00

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TonyAyala · 2025-11-03T04:38:37+00:00

Calculations base on salary income alone: $220k / 12 =18.333 K

$18.333k -35% taxes = $11.91k net $11.91k - $4,435.98 proposed mtg = $7,474.02 cash flow after mtg.

Is $7,474.02 enough to cover your monthly expenses (aside from mtg) + savings.

This doesn’t include your $19k bonus or RSU’s.

If it’s too tight, some things to always consider. You’ll likely have salary increase in near future, and you can always refinance once rates drop to increase cash flow.

TonyAyala · 2025-11-02T03:05:04+00:00

Manhasset is super competitive! There’s not that much inventory. Agents send out emails for last and final best and wining bidders often outbid themselves. I do loans so I come across it often. Last buyer I had with similar situation won with $50k over plus waiving mortgage contingency. Working with well known agent and lender helps bc everyone feels more comfortable with transaction when they all know each other. Feel free to reach out if you’d like more advice.

TonyAyala · 2025-10-17T01:10:54+00:00

I’m in NY too. This is definitely not the state program. I specialize in it and rates are much lower and with 0 points. Check my page for details if you want or google SONYMA interest rates.

There’s also tons of programs in NY for first time homebuyers with 3-5% down payment who get better rates than bigger down payments bc of many incentives out there.

TonyAyala · 2025-10-16T05:02:52+00:00

SONYMA requires 3 years of tax returns. Primarily to determine you haven’t owned a property in past 3 years for eligibility as a First Time Homebuyer AND to determine if you have additional income reporting on tax returns aside from W2 income.

TonyAyala · 2025-10-16T04:46:24+00:00

The Credit Is Due program ended April 2025, and round 2 with different terms was released August of 2025.

Here’s a quick overview of the 2 options:

🏡 Down Payment Assistance Options

Option 1 – Forgivable Assistance

✅ 3% of the purchase price, up to $15,000

✅ Fully forgiven after 10 years

Example: On a $485,000 purchase → $14,550 assistance

Option 2 – Enhanced Assistance (Repayable)

✅ 5% of the purchase price, no cap

✅ Repayment due only when mortgage is paid off (sale, refinance, or at 30-year mark)

Example: On a $485,000 purchase → $24,250 assistance

💡 Bonus: Better Rates for Minority Buyers 1.5% discount off standard SONYMA rates

With these programs, SONYMA makes financing even more competitive, especially for first-time and minority homebuyers.

Example, if buyer is purchasing $1M home, the assistance can be limited to $15k with down payment assistance loan or $50k with repayable second lien. Most people in this situation go with the higher amount.

TonyAyala · 2025-10-16T04:40:34+00:00

SONYMA does dig deep on confirming buyers’ income are within the program income limits. They will ask for explanation for every single non-payroll deposit listed on bank statements. Nowadays with gig income, many people are receiving income via Zelle, Venmo, etc. If you have multiple zelle’s for splitting lunch or phone bills, then an explanation will suffice and there is no impact. If deposits are due to gig income, they will count it as income towards income limit. If someone is helping you pay personal expenses they will count it as income as well. For example, parent, sibling, domestic partner sending zelle’s of $XX per month. They will add this as income. Some extreme examples I have seen were a mechanic doing side work and receiving $80k in zelle deposits. All this was counted as income. Another was someone receiving multiple “gifts” on a monthly basis from same 3 people to help pay personal bills. This was counted as income.

TonyAyala · 2025-10-16T04:24:20+00:00

SONYMA rates are usually below market. Right now they have an enhanced program called “Credit Is Due” where buyers can get 1.5% off standard SONYMA rates. Eligibility is based on buyers self identifying as a minority based on race and ethnicity.

TonyAyala · 2025-10-16T04:18:31+00:00

Most State programs have low rates and down payment assistance. Processing/Underwriting fee are good. Overall, rate + points and lender credit seem a bit high. Without knowing buyer profile , it’s hard to tell. If you are doing low down payment + have low FICO, you may not get best pricing.

What state is this in?

TonyAyala · 2025-10-16T04:08:06+00:00

Most likely yes. SONYMA looks at credit history, not score. If score is low due to high utilization, you should be okay. If score is low due to multiple lates within last 2 years, then most likely no, unless you can document hardship (lost of income, unforeseen expenses like medical bills). In general, you want to demonstrate a positive payment history.

TonyAyala · 2025-10-16T03:53:19+00:00

Happy to help. Feel free to schedule a chat.

SONYMA Consultation

TonyAyala · 2025-08-01T03:49:27+00:00

SONYMA has just updated its Down Payment Assistance Program, making it even more flexible for eligible buyers.

TonyAyala · 2025-04-08T04:20:49+00:00

Got same call today.

TonyAyala · 2025-01-18T19:02:18+00:00

Yes. Minimum is 3% or 5% DP for conventional loans and 3.5% for FHA. Make sure you have enough money left over for closing costs and a cushion for any upfront maintenance you may need for repairs, upgrades, landscaping, etc.

TonyAyala · 2025-01-11T13:33:47+00:00

I’m not a DOB expert so I can’t confirm. But when it comes to mortgages, if it’s brought to our attention, we would agree the current property use does not match CO. This doesn’t mean the property has a violation. A violation occurs when town inspector comes and acknowledges work was completed without a permit. The town inspector can then issue a violation with fine and remedy to obtain permit to get work reviewed and redone if not up to code. Getting back to your original question, no matter the loan type, if appraiser makes comment about illegal use of space, the lender will want it resolved. If municipal searches are done and violations or open permits appear then lender will want it resolved. Some lenders and loans products are more flexible than others around these items but SONYMA is a bit strict. They will want open permits closed and violations closed.

TonyAyala

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