SONYMA's Low Interest Rate Mortgage Program provides qualified low- and moderate-income first-time homebuyers with low downpayment mortgage financing on one- to four-family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at fixed interest rates that are below prevailing conventional rates. The program is financed by SONYMA through the sale of tax-exempt bonds.

The SONYMA Low Interest Rate Mortgage Program features the following:  1) fixed mortgage interest rate that is lower than the interest rate for conventional fixed rate loans; 2) Financing of up to 97% of the value of the property for qualified borrowers and homes (for three- and four-family dwellings and cooperative apartments, the maximum financing is 90%); 3) A low minimum borrower cash contribution requirement of 3% of the value of the property (5% for properties with maximum financing of 90%); 4) 00 day interest rate locks for existing housing (short-term lock-in) and 220 days for properties under construction or rehabilitation (long-term lock-in); 5) Terms of 20, 25, or 30 years; 6) Continuous availability of mortgage funds.

Eligible borrowers must meet SONYMA’s household income limit requirements.

Funding Category:	Low downpayment mortgage financing for first-time homebuyers.
Target Population:	Low and Moderate Income Home Owners
Funding Available:	Financing up to 97% of the value of the property; 3% borrower cash contribution.
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 Low Interest Rate Mortgage Program Description SONYMA Purchase Price Limits for Your Area 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)