Home Buying in 11374>Question Details

happy2sday, Real Estate Pro in 11746

The real scoop on SONYMA, please.

Asked by happy2sday, 11746 Fri Mar 27, 2009

We are looking to purchase our first home with minimal money down. I am curious to know more about SONYMA mortgages, other than what I have already read on their website. What are the real cons? To be able to put 3% down, have an additional loan for closing costs and the possibility of 40 year mortgage at a decent rate seems a little too good to be true. Is it?

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3
SurvivingSONYMA’s answer
The real CON is that it takes much longer to close than a traditional mortgage. Also depends which SONYMA mortgage you choose, Remodel takes longer and has many more hoops than Achieve the Dream.
0 votes Thank Flag Link Wed Aug 26, 2009
Contact any mortgage broker directly and they will be able to give you the current ins and outs regarding SONYMA mortgages; feel free to contact me if you need some names.

Anna
0 votes Thank Flag Link Sat Mar 28, 2009
SONYMA mortgages, loan program is a great tool for first time
homebuyers. It allows for a low down payment (3%) and offers
closing cost assistance. Loans are available with 97% financing
for first time homebuyers and has strict guidelines that leave
little room for exceptions. A qualified loan office can determine
your eligiblity and navigate you through the paper-intensive process. .
If you have additionalquestions or need an agent fell free to call and
direct them to me. My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com

Call me for your no cost qualification.
Hope to hear from you soon.
0 votes Thank Flag Link Fri Mar 27, 2009
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