Home Buying in 11374>Question Details

 happy2sday, Real Estate Pro in ,

The real scoop on SONYMA, please.

Asked by happy2sday, , 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?

Help the community by answering this question:


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.

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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