SONYMA - Homes for Veterans ProgramStart writing here...

SONYMA, in conjunction with the New York State Department of Veterans' Affairs and M&T Bank, is pleased to offer the Homes for Veterans Program that will enable more U.S. military veterans to buy their first home or move to a different home. SONYMA has committed $10.6 million to the program. A recent change in Federal law enables SONYMA to waive the first-time

 

homebuyer requirement for any veteran (and their spouse or co-borrower) who:

  • Served in active military, naval, or air service.
  • Has been discharged or released from their military duties under conditions other than dishonorable.

The Homes for Veterans Program features the following:

  • Veterans, and their spouses or co-borrowers, need not be a first-time homebuyer.
  • Interest rates that are 0.50% lower than our standard interest rates (for loans with closing cost assistance).
  • Closing cost assistance up to the greater of $5,000 or 5% of the requested loan amount.
  • No points or origination fees.
  • Minimum borrower cash contribution only 1% (the remaining 2% can come from a gift or other acceptable source).

Applicants can apply for any currently available SONYMA programs. To learn more about each of the below programs, click on the program listed:

 

  • Achieving the Dream Mortgage Program
  • Construction Incentive Program

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