The real scoop on SONYMA, please.

Asked by happy2sday, Huntington, NY 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:

+ web reference
Web reference:

Answers

3
SurvivingSON…, , Utica, NY
Wed Aug 26, 2009
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
Anna M Brocco, Agent, Williston Park, NY
Sat Mar 28, 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
Fajardo Dela…, , Flushing, NY
Fri Mar 27, 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
Search Advice
Search
Ask our community a question

Email me when…

Learn more