Does it take longer to close with a SONYMA loan?

Asked by Jack, 14228 Thu Jun 25, 2009

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Maureen L.To…, Both Buyer And Seller, Rochester, NY
Tue Jul 21, 2009
Yes it does take longer, government money is harder to get and the buyer has nore hoops to jump thru. Right now SONEYMAE interest rates are attractive and combined with the maximum $8,000 tax credit, you can practically get a home for nothing as long as you have some cash up front.
Go for it!
Maureen Toombs
NY, 14534
0 votes
Michael Wich…, , Hamburg, NY
Thu Jun 25, 2009
*** DON"T consult with an out-of-state lender!!! Or follow the link in the first answer! ***

Only a New York State licensed mortgage broker is qualified to answer questions regarding SONYMA and mortgage lending in NYS in general. DO NOT use out-of-state or internet lenders.

To answer your question, it can take up to an additional 30 days to close a SONYMA loan. However I have had clients close in 60 days with SONYMA. You and your lender need to be on the ball and keep it rolling in order to close in a timely manner.
Web Reference:
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Rosa Gonzalez, Agent, Stockton, CA
Thu Jun 25, 2009
Check out this website and he can answer any questions you have about these loans.
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