SONYMA designed the Achieving the Dream Mortgage Program to assist low-income households to purchase their first home. This program offers up to 97% financing with a very low fixed interest mortgage and no points paid by the borrower. The program is financed by SONYMA through the sale of tax-exempt bonds.

All requirements of the Low Interest Rate Program apply to the Achieving the Dream Mortgage Program except for the following features:   

• Very low fixed interest rate;
• No points are paid by the borrower and no up front lock-in fee is required;
• All borrowers must be first-time homebuyers, thus no exceptions will be made for borrowers purchasing in a target area;
• Lower household income limits than other SONYMA programs apply (click here to see the special income limits for your area);  
• The purchase price and appraised value of the property cannot exceed the maximum limits for the area in which you are purchasing the home (click here to see the special purchase price/appraised value limits for your area);  
• Prior to giving final approval of the loan application, SONYMA requires borrowers to complete a homebuyer education course provided by a source acceptable to SONYMA.

Eligible Properties are: 1) Existing or Newly constructed one-family homes including condominiums, cooperatives, and manufactured housing permanently attached to real property; 2) Newly constructed two-family homes must be located in a target area (see above); 3) Existing two-family homes that are at least 5 years old as of the SONYMA loan application date and that have been used only as a residence during the past 5 years.

Borrowers cash contribution in the transaction must be a minimum of 3% of the value of the property (5% for cooperatives). Loan terms are 30 years only.

Funding Category:	Very low fixed interest mortgages for low-income first-time homebuyers.
Target Population:	Low-income households
Funding Available:	This program offers up to 97% financing with a very low fixed interest mortgage and no points paid by the borrower.
Application Information:	SONYMA How Do I Apply?
Contact:	For Information on SONYMA'S Mortgage Programs: 1-800-382-HOME (4663)
Links to More Info:	SONYMA Website SONYMA Homeownership Programs Achieving the Dream Mortgage Program Description Achieving the Dream Income and Purchase Limits Target Areas Listing: Municipalities Completely Designated as Targeted; Target Areas by County and Municipality; Target Areas by County and Census Tract.
Administering Agency:	State of New York Mortgage Agency (SONYMA)