# My SONYMA loan story..

**URL:** <https://forums.speedlife.net/t/my-sonyma-loan-story/45264>\
**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:** 1\
**Showing post:** 7

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**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, 9:09am UTC](https://forums.speedlife.net/t/my-sonyma-loan-story/45264/7 "2008-03-19T09:09:41Z")

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> [@JayS](#):
>
> First off, what homeowner is going to have no bills? SONYMA is only good for your primary residence, so you have to live in this house. You have to heat it, you have to use some electricity, water, sewer. Chances are you have a phone.
> 
> 2nd, no way 247k in WNY is 1200. 30 years @ 5.5% is $1402/month JUST FOR THE MORTGAGE. My house is assessed at 165 and my taxes are 4400 a year AFTER the star reduction, and talking to friends that actually pretty cheap. 247 is going to be 6000/yr easy. So it’s more like 1902/month.
> 
> Plus heat, electric, insurance (mandatory with a mortgage), water and sewer. You gotta eat, so there’s another bill.
> 
> Like I said, if SONYMA is really approving loans for 240+ to someone making 40k, they’re just asking for forclosures.

The keyword here is going to be “down payment”.

Someone able to put 20 percent down will qualify for more house than someone putting 1-3 percent down.

Also, 247k doesn’t buy you jack shit anywhere close to new york city.

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