Home Buying in Bay Shore>Question Details

jackieelias71, Renter in Bay Shore, NY

Buying a home with SONYMAe

Asked by jackieelias71, Bay Shore, NY Sat Jul 26, 2014

what is the credit score needed to qualify for the sonyma fha plus down payment program? A mtg lender that ran my credit sent me a copy and it stated 665 but on credit karma it's 646. Haven't heard back from lender so i'm assuming my credit isn't good to purchase a home. I don't have much of a downpayment so that is why I am interested in this program. Thanks so much!!!

Help the community by answering this question:

Answers

4
If I were you I'd contact Javier below and consult with him. He's helped many people obtain mortgages and knows his business.

Thomas Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom230@aol.com
FinestHomeSales.com
SuffolkFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
1 vote Thank Flag Link Mon Sep 8, 2014
Jackie, do your homework. It is not always best to go SONYMA. Depends on your goals. There are benefits to SONYMA as there are things that come along with it that might not be as good. Ask questions and make sure the program features fit for what you are looking for.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
0 votes Thank Flag Link Mon Sep 8, 2014
SONYMA offers homebuyers down payment assistance but only when using financing through SONYMA. This program is known as a Down Payment Assistance Loan (DPAL). I believe the minimum credit score is 620.

The down payment is a second mortgage which has no interest rate and no monthly payments and will be forgiven after 10 years as long as the borrower keeps the SONYMA financing in place. The owner must continue to owner occupy the home through out this time. The maximum of this forgivable loan is $3,000 or 3% of the home purchase price, up to a maximum of $15,000. The Down Payment Assistance Loan cannot exceed the actual down payment and/or closing costs with the actual mortgage to purchase the house.

Although they are assisting you, the borrower must make a minimum cash contribution of 1% of the value of the property but 3% for cooperatives. So if you are purchasing a home for $300,000 you will need at least $3,000 to put down. If you do not have 6 months worth of mortgage payments in the bank a coop would most likely not approve you.

I hope this information helped. I think your next step would be to call a lender like Sanjeev Ahuja who can run your other financials to make sure your current debt does not exceed lending requirements.

Please give me a call. I would love to help you in this journey of homeownership.

Thank you-

Dawn Noak - Realtor
Gladstone Group
631-827-7373
Dawn@GladstoneGroupRealty.com
0 votes Thank Flag Link Sat Jul 26, 2014
I can help you with the FHA loan program which requires only 3.50% down payment. Your credit score is sufficient to qualify for this mortgage program. My contact information is given below.

Thanks

Sanjeev Ahuja, MLO NMLS 148731

30 Years of Financial Service Industry Experience

Home Funding LLC NMLS 885573

110 Jericho Turnpike Suite 214

Floral Park, NY 11001

Tel: 516-216-1987

Fax: 516-216-1986

Mobile: 917-517-2552

Email: sahuja@homefunding.biz
0 votes Thank Flag Link Sat Jul 26, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer