# NY SONYMA Mortgage Loans.. **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [December 17, 2007, 1:22pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400 "2007-12-17T13:22:46Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [December 17, 2007, 1:22pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/1 "2007-12-17T13:22:46Z")
[http://www.nyhomes.org/home/index.asp](http://www.nyhomes.org/home/index.asp) Might be of interest to some folks on here. Its a NY state program, offering a 5.5% fixed rate on a 30 year mortgage for first time buyers in NYS, earning under 41k per year… I’m getting qualified for a loan, and taking a look at a few duplex’s around here. Good investment property for the future, and a place to live in for right now. If anybody gets prequalified for a loan, and is looking for a realtor, drop me a PM, my brother is a Realtor, and will be glad to talk to you. ---
**Author:** ![Zer0DazE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/zer0daze/32/7624_2.png) [@Zer0DazE](https://forums.speedlife.net/u/Zer0DazE)\ **Post date:** [December 17, 2007, 1:30pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/2 "2007-12-17T13:30:06Z")
and you get a 5k grant towards your closing costs. :tup: i used a sonyma loan when i bought my house ---
**Author:** ![Jeller](https://avatars.discourse-cdn.com/v4/letter/j/bc8723/32.png) [@Jeller](https://forums.speedlife.net/u/Jeller)\ **Post date:** [December 17, 2007, 1:39pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/3 "2007-12-17T13:39:46Z")
Good program if you can take advantage and plan on living in the house for 10 years. PS: these are fun people to deal with by the way. Get ready for the 3rd degree on your bank acct. and ghey shit like that. ---
**Author:** ![87FOXGT](https://avatars.discourse-cdn.com/v4/letter/8/ecd19e/32.png) [@87FOXGT](https://forums.speedlife.net/u/87FOXGT)\ **Post date:** [December 17, 2007, 1:41pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/4 "2007-12-17T13:41:17Z")
Nice. Are there any good first time homebuyer programs out there if you make more than that? ---
**Author:** ![JoesTypeS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joestypes/32/7190_2.png) [@JoesTypeS](https://forums.speedlife.net/u/JoesTypeS)\ **Post date:** [December 17, 2007, 1:43pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/5 "2007-12-17T13:43:31Z")
ooo I should have the woman buy a house before she gets a job ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [December 17, 2007, 1:44pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/6 "2007-12-17T13:44:20Z")
but you have to m a k e under 41k… ---
**Author:** ![Jeller](https://avatars.discourse-cdn.com/v4/letter/j/bc8723/32.png) [@Jeller](https://forums.speedlife.net/u/Jeller)\ **Post date:** [December 17, 2007, 1:50pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/7 "2007-12-17T13:50:11Z")
> [@JoesTypeS](#): > > ooo I should have the woman buy a house before she gets a job Exactly what I did man :tup: Put some money in here bank acct. a couple months before to make things look good, they will go back a few months in your banking. On the down side, probably no where near what your looking to spend on a house to qualify for a single person-lower level income… ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 17, 2007, 1:50pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/8 "2007-12-17T13:50:37Z")
> [@87FOXGT](#): > > Nice. Are there any good first time homebuyer programs out there if you make more than that? FHA if you’re looking to do a real low down payment. They have income limits and home cost limits as well, but they’re higher than SONYMA. Also shop around the private banks. I’m pretty sure Nikuk found a bank with a great low down payment option and none of the BS hoops to jump through that the government programs have. The wife and I did an FHA loan when we bought our house then re-financed 3 years later to a traditional 30 year for a lower rate. As a bonus we used the appreciated value on the house to get out of paying PMI. ---
**Author:** ![Jagermeister](https://avatars.discourse-cdn.com/v4/letter/j/f19dbf/32.png) [@Jagermeister](https://forums.speedlife.net/u/Jagermeister)\ **Post date:** [December 17, 2007, 1:51pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/9 "2007-12-17T13:51:45Z")
> [@Jeller](#): > > Good program if you can take advantage and plan on living in the house for 10 years. This is key, b/c if you sell the house before the 10 year mark you have to pay back the closing cost grants they give you. ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [December 17, 2007, 1:53pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/10 "2007-12-17T13:53:55Z")
> [@JoesTypeS](#): > > ooo I should have the woman buy a house before she gets a job yea, thats what i wanted to do, however due to poor credit scores and my credit scores being pretty good my rate ended up being lower under FHA ☹ ---
**Author:** ![MXS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mxs/32/7507_2.png) [@MXS](https://forums.speedlife.net/u/MXS)\ **Post date:** [December 17, 2007, 1:56pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/11 "2007-12-17T13:56:07Z")
> [@Jagermeister](#): > > This is key, b/c if you sell the house before the 10 year mark you have to pay back the closing cost grants they give you. You can also opt to NOT take the $$, and get a lower rate instead. Then there’s no penalty if you sell. ---
**Author:** ![Justin](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/justin/32/7459_2.png) [@Justin](https://forums.speedlife.net/u/Justin)\ **Post date:** [December 17, 2007, 2:18pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/12 "2007-12-17T14:18:53Z")
Anyone know the $$ limits on these two options you are talking about? ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [December 17, 2007, 2:19pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/13 "2007-12-17T14:19:30Z")
There are different limits to your income depending on the plan, I’m pretty sure the limit was $60K or somewhere around there. x… ---
**Author:** ![Justin](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/justin/32/7459_2.png) [@Justin](https://forums.speedlife.net/u/Justin)\ **Post date:** [December 17, 2007, 2:23pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/14 "2007-12-17T14:23:48Z")
:tdown: ---
**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:** [December 17, 2007, 2:24pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/15 "2007-12-17T14:24:00Z")
> [@JoesTypeS](#): > > ooo I should have the woman buy a house before she gets a job sounds good but how does someone without a job get approved for a mortgage ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [December 17, 2007, 3:15pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/16 "2007-12-17T15:15:38Z")
good info. ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [December 17, 2007, 3:42pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/17 "2007-12-17T15:42:54Z")
> [@93dx--hatch](#): > > sounds good but how does someone without a job get approved for a mortgage I think we have a winner. :lol: One of my friends had his wife buy the house before they got married so they could get a deal. X… ---
**Author:** ![Jeller](https://avatars.discourse-cdn.com/v4/letter/j/bc8723/32.png) [@Jeller](https://forums.speedlife.net/u/Jeller)\ **Post date:** [December 17, 2007, 4:02pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/18 "2007-12-17T16:02:25Z")
> [@Xander](#): > > I think we have a winner. :lol: > > One of my friends had his wife buy the house before they got married so they could get a deal. > > X… 😉 ---
**Author:** ![Pauly](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/pauly/32/7493_2.png) [@Pauly](https://forums.speedlife.net/u/Pauly)\ **Post date:** [December 17, 2007, 4:45pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/19 "2007-12-17T16:45:20Z")
I did this on my first house around 14 years ago, it was bitchin. 5% down-30 years at 4 3/4% niceee. I sold it about 6 years later and dont reacall any penalty at the time. Wish i could have found a rate like that on this house ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 17, 2007, 7:17pm UTC](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400/20 "2007-12-17T19:17:29Z")
> [@01AudiS4](#): > > Anyone know the $$ limits on these two options you are talking about? I remember when I was searching it was easy enough to find using google. I know FHA is way above 60 because my house was more than twice that. [Next page](https://forums.speedlife.net/t/ny-sonyma-mortgage-loans/40400.md?page=2)