Kiamazulu M. Ferreira
Licensed Real Estate Agent at Pantiga Group Inc.
SONYMA is a New York State lending program that used to offer substantially lower interest rates than market rates. Those rates today tend to be pretty close to market, although SONYMA does offer some down payment assistance. The problem I've encountered with SONYMA is the low percentage of approvals relative to applications. Your mortgage application is underwritten for approval by a New York State employee, not the Underwriter at your Lender.
The best news for Home Buyers is that this is a Buyer's market. YOU set the price you wish to pay for a home. If a Home Seller can't see eye to eye with your price offering, then move on. You'll find the right house at the price you're willing to pay.
Sterling National Bank