# My SONYMA loan story.. **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 19, 2008, 8:11am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264 "2008-03-19T08:11:34Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2008, 10:36am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/21 "2008-03-19T10:36:13Z")
> [@Nikuk](#): > > national overnight average 30yr is 5.66% but if you look into this area it’s more like 6.3% as of right now according to [bankrate.com](http://bankrate.com) and they best you’re ever going to see is about 5.5% on a traditional loan in these parts I predict… (maybe FHA/sonyma might drop into the high 4s) ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 19, 2008, 10:57am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/22 "2008-03-19T10:57:09Z")
> [@theblue](#): > > but if you look into this area it’s more like 6.3% as of right now according to [bankrate.com](http://bankrate.com) and they best you’re ever going to see is about 5.5% on a traditional loan in these parts I predict… (maybe FHA/sonyma might drop into the high 4s) Yea… ok. Called up my buddy & old co-worker - 620+ fico, 60% dti, 30 year will get you a 5.375 if you’re able to cough up 20% down. Of course, he is in the business of adding points on, because that is what we were incented on. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2008, 11:03am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/23 "2008-03-19T11:03:35Z")
I was looking at 5% down… so with 20% it might be a little better. add points on and now you sound even more realistic. ---
**Author:** ![Terry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/terry/32/7207_2.png) [@Terry](https://forums.speedlife.net/u/Terry)\ **Post date:** [March 19, 2008, 12:10pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/24 "2008-03-19T12:10:08Z")
It’s a PITA to go through though (I’m just maybe if I’m lucky finishing up a SONYMA loan myself). It might just be because my mortgage processor and paralegal are retarded but the 5 grand of closing cost assistance is not worth the shit I’ve had to go through. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2008, 12:11pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/25 "2008-03-19T12:11:56Z")
forget the $5000 in cash… the real benefit is avoiding that and getting .5% lower rate. in my case that saves me $50 a month for 30 years. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [March 19, 2008, 12:18pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/26 "2008-03-19T12:18:39Z")
I wish I had a terminally ill relative with good credit. I’d have them buy a baller ass house with an interest-only ARM, pay for it, and live in it for next to nothing with the rates going this low for a few years. When it comes time to get saddled with the real payments, mail in the keys. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [March 19, 2008, 1:58pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/27 "2008-03-19T13:58:55Z")
> [@Joe](#): > > I wish I had a terminally ill relative with good credit. I’d have them buy a baller ass house with an interest-only ARM, pay for it, and live in it for next to nothing with the rates going this low for a few years. When it comes time to get saddled with the real payments, mail in the keys. LoL hell yah. I think I will try to save up a good 25-30K in the bank, and then work part time to finish up my master’s degree and make less then the 41K a year. (Only working part time of course.) Find a nice 200K house, throw my 30K down and get a sick interest rate. 🙂 Next year pull in my 80K+ for working full time… ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [March 19, 2008, 2:03pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/28 "2008-03-19T14:03:06Z")
> [@theblue](#): > > forget the $5000 in cash… the real benefit is avoiding that and getting .5% lower rate. in my case that saves me $50 a month for 30 years. Depends what the house you bought costs. For me the $5k was worth taking the half a point hit. We did that with some buyer concessions, I only had to come out of pocket with $1700 to get into the house. ---
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [March 19, 2008, 2:06pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/29 "2008-03-19T14:06:11Z")
income =/ bonus, yes? ---
**Author:** ![93dx\_hatch](https://avatars.discourse-cdn.com/v4/letter/9/90ced4/32.png) [@93dx\_hatch](https://forums.speedlife.net/u/93dx_hatch)\ **Post date:** [March 19, 2008, 2:10pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/30 "2008-03-19T14:10:21Z")
^ I think they ask for your W2s ---
**Author:** ![BooSting](https://avatars.discourse-cdn.com/v4/letter/b/b19c9b/32.png) [@BooSting](https://forums.speedlife.net/u/BooSting)\ **Post date:** [March 19, 2008, 2:13pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/31 "2008-03-19T14:13:22Z")
> [@Daddie](#): > > income =/ bonus, yes? only if your bonus is 1099, and they don’t ask for copies of tax returns. ---
**Author:** ![Terry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/terry/32/7207_2.png) [@Terry](https://forums.speedlife.net/u/Terry)\ **Post date:** [March 19, 2008, 2:23pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/32 "2008-03-19T14:23:16Z")
Tax returns and pay stubs. I think by the time it was finished they needed the last 3 months of pay stubs and 3 years of tax returns. ---
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [March 19, 2008, 2:57pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/33 "2008-03-19T14:57:18Z")
Fuck. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2008, 2:58pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/34 "2008-03-19T14:58:12Z")
> [@JustinH](#): > > Depends what the house you bought costs. For me the $5k was worth taking the half a point hit. > > We did that with some buyer concessions, I only had to come out of pocket with $1700 to get into the house. it’s not better, it’s just the only way you could afford it (said with no offense). you do realize how much that half point will cost you over the life of the loan… a hell of a lot more then $5k at $40-50 a month extra. with that said, if it’s the difference between getting the house and not getting it - then you made the right choice. even I did concessions, mostly to make sure I could get the lower rate and keep some decent cash in the bank after closing. ---
**Author:** ![turbociv](https://avatars.discourse-cdn.com/v4/letter/t/dfb087/32.png) [@turbociv](https://forums.speedlife.net/u/turbociv)\ **Post date:** [March 19, 2008, 3:44pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/35 "2008-03-19T15:44:13Z")
damnit, i thought i was being smart by jumping on a 6% loan.☹ i shoulda held out longer.lol ---
**Author:** ![Terry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/terry/32/7207_2.png) [@Terry](https://forums.speedlife.net/u/Terry)\ **Post date:** [March 19, 2008, 3:56pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/36 "2008-03-19T15:56:57Z")
> [@turbociv](#): > > damnit, i thought i was being smart by jumping on a 6% loan.☹ i shoulda held out longer.lol 6% is decent. To be honest I doubt mortgage rates will go much lower. ---
**Author:** ![frofan](https://avatars.discourse-cdn.com/v4/letter/f/9de053/32.png) [@frofan](https://forums.speedlife.net/u/frofan)\ **Post date:** [March 19, 2008, 4:09pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/37 "2008-03-19T16:09:46Z")
> [@Fry](#): > > lol there’s the logic that put the country into a financial crisis. > > $247k @ 5% for 30 years = $1326/month > A $247k house in buffalo will fetch maybe $6k in taxes = $500/mo > +100/mo electric > +150/mo natural gas > +50/mo homeowners insurance > +50/mo car insurance > +200/mo gasoline > +400/mo food > +50/mo cable/internet > > =$2826 + car repairs, house repairs, christmas presents, movie rentals, beer, etc. > > On a 40k salary your monthly income is $2500 after 25% income taxes. > > Therefore, mortgage industry meltdown. Fry summed it up pretty good. Do the math before you jump in head first and end up costing me more! ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 19, 2008, 4:27pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/38 "2008-03-19T16:27:16Z")
> [@frofan](#): > > Fry summed it up pretty good. Do the math before you jump in head first and end up costing me more! BUT ITS THE GOVERNMENTS JOB TO PROTECT ME FROM MY OWN STUPIDITY!!!11111ONEONE ---
**Author:** ![Jeller](https://avatars.discourse-cdn.com/v4/letter/j/bc8723/32.png) [@Jeller](https://forums.speedlife.net/u/Jeller)\ **Post date:** [March 19, 2008, 6:13pm UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/39 "2008-03-19T18:13:00Z")
> [@turbociv](#): > > damnit, i thought i was being smart by jumping on a 6% loan.☹ i shoulda held out longer.lol Thats not bad at all. Talk to some of your relatives some time and ask them what they have from back in the day… My in laws purchased their home when 13% was the going rate :eek: I couldnt imagine… Take a look at this sometime: [Total Mortgage | Mortgage Lender Services & Financing Solutions Nationwide](http://www.mortgage-x.com/general/indexes/prime.asp) Jeller ---
**Author:** ![Terry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/terry/32/7207_2.png) [@Terry](https://forums.speedlife.net/u/Terry)\ **Post date:** [March 20, 2008, 8:10am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/40 "2008-03-20T08:10:54Z")
Well it looks like I’ll be closing next Friday on my Sonyma which is exactly 2 months after I put the offer in. The realtor said this is the smoothest Sonyma loan she’s seen…I laughed. I guess they usually take 3 months or so. Just prepare for it. [Previous page](https://forums.speedlife.net/t/my-sonyma-loan-story/45264.md?page=1)