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Hi Jph,
Not necessarily, but maybe. For those readers that are unfamiliar, SONYMA is the State of New York Mortgage Agency (more info: http://www.nyhomes.org). The problem with SONYMA sometimes is that many people in our marketplace don't have experience with it, and have heard (or experienced) lenders that have tried to close with SONYMA loans in the past (maybe years ago), but were inexperienced and ineffective - so deals may have died, been wrought with hassles, and/or taken a very long time. So, if the parties involved in the transaction, REALTORS, seller(s), attorneys are under that impression, it is possible they may lean away from moving forward with you as a buyer. Of course, you can choose to use whatever loan product you like, and don't necessarily have to disclose it (it may not come up). This is also a buyer's market generally, and you * may * not have much competition; so, if you're convinced that SONYMA is the best for you, maybe you should go for it.
That said, if you have already disclosed that you're leaning that way, you can also try to document that your lender is experienced closing SONYMA loans. Ask your lender for help with that -- and if they don't seem too experienced with SONYMA, consider other options (lender or loan programs).
Hope that helps! Feel free to contact me directly if I can be of further assistance - I'm happy to help.
Sincerely,
Diallo J. Stevens, REALTOR®, CRS, GRI, SRES, RECS, e-PRO
Twitter: http://www.twitter.com/DialloStevens
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Sun Jul 5 2009, 16:36
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