New York Homes for Veterans Program (SONYMA)

Military members and families living in the State of New York have help with home loans and down payment issues thanks to state-level efforts to make housing more affordable and attainable for qualifying military veterans.

The New York State Division of Veterans’ Services official site refers veterans to the State of New York Mortgage Agency (SONYMA), which features vet-friendly loans and down payment assistance.

This agency serves military members, but not exclusively–it provides access to both funds and counseling for those who want to become homeowners. The veteran-friendly programs are offered as part of a larger program to help home buyers.

Who Qualifies For SONYMA Assistance

For the purposes of this article, we are focusing specifically on SONYMA assistance and qualifications relevant to veterans. The qualifications listed here may not apply to other programs that are not geared toward the veteran community.

Veterans who served on active-duty and were discharged under conditions other than dishonorable are eligible to apply.

In addition, the following individuals may qualify, provided they meet first-time homebuyer requirements:

• Active-duty U.S. military personnel stationed in New York State (including those currently serving in the Reserves)
• Active or honorably discharged members of the National Guard
• Active or honorably discharged members of the Reserves

Home For Veterans Program

The SONYMA Homes For Veterans program involves the veteran applying for a fixed-rate mortgage with interest rates 0.375% below the already low interest rates charged on SONYMA mortgages offering down payment assistance. This program is NOT restricted to first-time home buyers and there are no origination fees or points.

Homes For Veterans Loans also feature:

• Down payment assistance with a maximum of the greater of either $3,000 or 3% of the home purchase price. The total amount may not exceed $15k.
• Minimum borrower cash contribution of one percent.
• A remaining two percent is required, but may come from gift funds or other outside sources acceptable to the lender.
• Applicants must have served in the active military and discharged under conditions other than dishonorable, according to the official site.

Loan limits are subject to SONYMA guidelines and participating lender requirements.

SONYMA Down Payment Assistance Loans

What else should you know about down payment loans associated with this program?

• All Homes For Veterans applicants applying for down payment assistance are required to make a minimum borrower cash contribution of 1%.
• In order to qualify for down payment help, the applicant must be a borrower under a SONYMA program.

SONYMA relies on a network of participating lenders; not all may offer downpayment assistance. You will need to find a participating lender in the network that can work with your needs for down payment assistance.

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