# Anybody do an 80/20 with sonyma
**URL:** https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899
**Category:** NYSpeed Off Topic
**Created:** [February 3, 2008, 8:39pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899 "2008-02-03T20:39:25Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [February 3, 2008, 8:39pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/1 "2008-02-03T20:39:25Z")
I was just wondering if anybody has done a 80/20 loan to avoid PMI with a SONYma mortgage… reason being they are offering the best rate at 5.3 right now and it really only makes sense to go with them if you did an 80/20 loan to avoid PMI which would negate the savings and you end up paying money that could go towards building equity…
if not i know a couple lenders that do 80/20 but i would like to take advantage of the 5k from SONYMA to pay down closing costs
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### Author:  [@Mike93](https://forums.speedlife.net/u/Mike93)
#### Post date: [February 3, 2008, 8:57pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/2 "2008-02-03T20:57:54Z")
I did an 80/20, but with Countrywide. Looking back I wish I went the PMI route and just got a fixed rate 100% mortgage. I thought I would be able to pay down the “20” but the interest rates kept climbing and my budget didn’t allow for me to pay it down. 3 years later and my balance hasn’t moved much.
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [February 3, 2008, 9:21pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/3 "2008-02-03T21:21:20Z")
> [@LXTASY](#):
>
> I did an 80/20, but with Countrywide. Looking back I wish I went the PMI route and just got a fixed rate 100% mortgage. I thought I would be able to pay down the “20” but the interest rates kept climbing and my budget didn’t allow for me to pay it down. 3 years later and my balance hasn’t moved much.
so your “20” was adjustable?
most ive seen were 80 % fixed and 20 % ARM… but
i just found this
[http://nofeemortgageplus.bankofamerica.com/](http://nofeemortgageplus.bankofamerica.com/)
going to look into it in the AM
looks like they will pay all closing costs for you
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### Author:  [@Mike93](https://forums.speedlife.net/u/Mike93)
#### Post date: [February 3, 2008, 9:26pm UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/4 "2008-02-03T21:26:28Z")
> [@Viper966](#):
>
> so your “20” was adjustable?
>
> most ive seen were 80 % fixed and 20 % ARM… but
>
> i just found this
>
> [http://nofeemortgageplus.bankofamerica.com/](http://nofeemortgageplus.bankofamerica.com/)
> going to look into it in the AM
>
> looks like they will pay all closing costs for you
Yes, the 80 was fixed, the 20 was an ARM…therefore it was adjustable. That Bank of America link looks promising, no closing costs is a big plus.
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### Author:  [@Griff](https://forums.speedlife.net/u/Griff)
#### Post date: [February 4, 2008, 5:11am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/5 "2008-02-04T05:11:18Z")
watch out for those bank of america ones, i looked into those pretty well and there were a lot of restrictions and hidden other fees.
as for sonyma, you have to watch where they cut off for what you earn, i got bit by that too.
best one i found was Merril Lynch. If you invest in them and have a certain amount invested, they will count that as down payment, eventhough they never take it, and you can get a 100% with no PMI. its more of a, they know you are good for it type thing. So if you are the investing type, you may want to look into that.
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [February 4, 2008, 5:31am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/6 "2008-02-04T05:31:07Z")
Its already been said.
The “20” will be an ‘equity line’ or similar line of credit that will have an adjustable rate from day one typically. Nothing wrong with that, just keep it in mind when budgeting. In reality, you should really be putting down _something_ as 100% financing isn’t a spectacular idea. An 80/10/10 would be more favorable and avoid PMI. I would assume that given your area, this isn’t a large jumbo or anything like that, so the adjustable portion of the 20 isn’t going to be a huge difference.
I assume you’ve been looking in to first time owner programs?
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### Author:  [@chino](https://forums.speedlife.net/u/chino)
#### Post date: [February 4, 2008, 5:52am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/7 "2008-02-04T05:52:19Z")
how are you even eligable for SONYMA?
you need to make like welfare level money to get it from when i was applying.
regardless, come up with some downpayment (i think you need 3% min), and do a FHA mortgage - you can use sellers concession for the rest of your closing fees. rates are probably pretty close since they’ve been dropping. plain and simple right now you want a fixed rate, they are lowww.
> [@walter](#):
>
> Its already been said.
>
> The “20” will be an ‘equity line’ or similar line of credit that will have an adjustable rate from day one typically. Nothing wrong with that, just keep it in mind when budgeting. In reality, you should really be putting down _something_ as 100% financing isn’t a spectacular idea. An 80/10/10 would be more favorable and avoid PMI. I would assume that given your area, this isn’t a large jumbo or anything like that, so the adjustable portion of the 20 isn’t going to be a huge difference.
>
> I assume you’ve been looking in to first time owner programs?
I don’t think 80/10/10 will avoid PMI in NYS at least… it wouldn’t when I was applying last year - I did 10% down, I will be paying PMI for 7 years or so, its only $39/mo, not that big of a deal.
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### Author:  [@Nikuk](https://forums.speedlife.net/u/Nikuk)
#### Post date: [February 4, 2008, 5:56am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/8 "2008-02-04T05:56:50Z")
PMI payments will generally be more cost effective then overextending into a variable “20” loan, FYI.
Also, depending on your overall finances, generally speaking: Take advantage of 1st time programs. There are alot of benes & breaks, and this’ll be your only chance to ever use them.
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### Author:  [@chino](https://forums.speedlife.net/u/chino)
#### Post date: [February 4, 2008, 5:58am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/9 "2008-02-04T05:58:30Z")
> [@Nikuk](#):
>
> PMI payments will generally be more cost effective then overextending into a variable “20” loan, FYI.
thats a more direct way of what I was trying to say… less blah blah blah surrounding it 😛
totally true, IMO, especially with the current low rates. it will go away just as quickly as that 20% variable anyways…
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [February 4, 2008, 6:01am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/10 "2008-02-04T06:01:25Z")
> [@Griff](#):
>
> watch out for those bank of america ones, i looked into those pretty well and there were a lot of restrictions and hidden other fees.
>
> as for sonyma, you have to watch where they cut off for what you earn, i got bit by that too.
>
> best one i found was Merril Lynch. If you invest in them and have a certain amount invested, they will count that as down payment, eventhough they never take it, and you can get a 100% with no PMI. its more of a, they know you are good for it type thing. So if you are the investing type, you may want to look into that.
im loooking into the BOA one this morning… to see where the hidden stuff is. as far as i can tell from finding a shortened t&C they just dont pay for taxes like mortgage stamp etc… which is ~ 2k
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### Author:  [@newman](https://forums.speedlife.net/u/newman)
#### Post date: [February 4, 2008, 6:03am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/11 "2008-02-04T06:03:04Z")
i thought this thread was about speeding in a GMC Sonoma.
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### Author:  [@JustinH](https://forums.speedlife.net/u/JustinH)
#### Post date: [February 4, 2008, 6:42am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/12 "2008-02-04T06:42:00Z")
> [@chino](#):
>
> how are you even eligable for SONYMA?
>
> you need to make like welfare level money to get it from when i was applying.
>
> regardless, come up with some downpayment (i think you need 3% min), and do a FHA mortgage - you can use sellers concession for the rest of your closing fees. rates are probably pretty close since they’ve been dropping. plain and simple right now you want a fixed rate, they are lowww.
>
> I don’t think 80/10/10 will avoid PMI in NYS at least… it wouldn’t when I was applying last year - I did 10% down, I will be paying PMI for 7 years or so, its only $39/mo, not that big of a deal.
Uh, $63,100 is not welfare money the last time I checked. That is the income limit.
I just got approved for a SONYMA 30 year fixed. You have to pay 3% down, plus 1% PMI. Then they give you a $5000 grant that you do not have to pay back, and they apply that to other fees, and the rest to down payment.
As far as I know they do not offer an ARM, or 80/20 mortgage. Remember SONYMA stands for State of NewYork Mortgage Association. They aren’t going to run any tricky mortgages to get you out of paying PMI.
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [February 4, 2008, 6:46am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/13 "2008-02-04T06:46:05Z")
> [@JustinH](#):
>
> Uh, $63,100 is not welfare money the last time I checked. That is the income limit.
>
> I just got approved for a SONYMA 30 year fixed. You have to pay 3% down, plus 1% PMI. Then they give you a $5000 grant that you do not have to pay back, and they apply that to other fees, and the rest to down payment.
>
> As far as I know they do not offer an ARM, or 80/20 mortgage. Remember SONYMA stands for State of NewYork Mortgage Association. They aren’t going to run any tricky mortgages to get you out of paying PMI.
i qualify for SONYMA if either me or my gf apply seperatly. if we apply together we wouldnt.
the thing i find hilarious about SONYMA is the achieving the dream program. The income limit is 40k, yet the home purchase limit is 251k… how many 40k a year people are buying 250k houses… talk about achieving the dream…
and they took away the stepped interest rate on the construction incentive loan, whcih was 4% for the first 4 years then 5.75% after that
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### Author:  [@chino](https://forums.speedlife.net/u/chino)
#### Post date: [February 4, 2008, 6:53am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/14 "2008-02-04T06:53:49Z")
> [@JustinH](#):
>
> Uh, $63,100 is not welfare money the last time I checked. That is the income limit.
>
> I just got approved for a SONYMA 30 year fixed. You have to pay 3% down, plus 1% PMI. Then they give you a $5000 grant that you do not have to pay back, and they apply that to other fees, and the rest to down payment.
>
> As far as I know they do not offer an ARM, or 80/20 mortgage. Remember SONYMA stands for State of NewYork Mortgage Association. They aren’t going to run any tricky mortgages to get you out of paying PMI.
I thought it was like $45K and that is combined household income… sooo 22.5K each is pretty much welfare money. Even if it is 63K, that is low combined income for someone buying a house ?
Also, that grant you have to pay back if you move in less than 10 years if i recall?
> [@Viper966](#):
>
> i qualify for SONYMA if either me or my gf apply seperatly. if we apply together we wouldnt.
>
> the thing i find hilarious about SONYMA is the achieving the dream program. The income limit is 40k, yet the home purchase limit is 251k… how many 40k a year people are buying 250k houses… talk about achieving the dream…
lmao i remember thinking the same thing… wtf is someone on limited income buying this high dollar house for?
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### Author:  [@Griff](https://forums.speedlife.net/u/Griff)
#### Post date: [February 4, 2008, 7:16am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/15 "2008-02-04T07:16:02Z")
it definately not $63k … i believe its $53k now
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [February 4, 2008, 7:29am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/16 "2008-02-04T07:29:33Z")
Ohh, whoops. Didn’t realize SONYMA was some NYS program, derr
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### Author:  [@Nikuk](https://forums.speedlife.net/u/Nikuk)
#### Post date: [February 4, 2008, 7:32am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/17 "2008-02-04T07:32:54Z")
> [@chino](#):
>
> lmao i remember thinking the same thing… wtf is someone on limited income buying this high dollar house for?
Its the new american dream: Get as much as you can, as fast as you can. Be damned by the ramifications of shortsighted financial decisions, because someone will bail you out.
:sigh:
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [February 4, 2008, 7:33am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/18 "2008-02-04T07:33:05Z")
According to the web site it is ~$42k for one program and ~$63k for another one. I wasn’t interested in figuring out which is which, and that is combined household income.
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### Author:  [@chino](https://forums.speedlife.net/u/chino)
#### Post date: [February 4, 2008, 7:34am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/19 "2008-02-04T07:34:16Z")
> [@Nikuk](#):
>
> Its the new american dream: Get as much as you can, as fast as you can. Be damned by the ramifications of shortsighted financial decisions, because someone will bail you out.
>
> :sigh:
lol thats totally fucking retarded, especially when we are circling the edge of a recession… oh well, the financial lending institutions are the last to lose, what do they care ☹
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [February 4, 2008, 7:38am UTC](https://forums.speedlife.net/t/anybody-do-an-80-20-with-sonyma/42899/20 "2008-02-04T07:38:24Z")
> [@walter](#):
>
> According to the web site it is ~$42k for one program and ~$63k for another one. I wasn’t interested in figuring out which is which, and that is combined household income.
the 42k one is the ultra low income one… im pretty sure i could get my income under there, but then i dont think id qualify for the price of the house im looking at… so going combined with me and my gf is the only way
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