The Remodel New York Program has been created by SONYMA to provide low interest rate financing to qualified first-time homebuyers for the purchase and renovation of properties in need of improvements or renovations.  SONYMA’s Remodel New York mortgage loan will finance both the purchase and the renovation of the home. The program is intended to serve two purposes:  it will revitalize New York’s existing housing stock, and it will provide low interest rate financing to low and moderate income New Yorkers purchasing their first home. SONYMA has allocated $15 million to the Remodel New York Program on a demonstration basis. These funds are being made available from the proceeds of the sale of tax-exempt mortgage revenue bonds.

For this pilot program, M&T Mortgage Corporation will be the sole lender making these loans available.

The basic requirements of the Remodel New York Program are the same as those for SONYMA’s Low Interest Rate Program, with the following exceptions:

• Maximum financing will be based on the lesser of (a) the purchase price of the home plus the cost of the renovations, or (b) the "as-improved" appraised value of the property as determined by a qualified real estate appraiser;
• Eligible renovations include repair or replacement of plumbing, electrical, and heating systems, structural repairs, additions, modernization of kitchens and bathrooms, new siding and windows, etc. (Please click here for a complete list of eligible renovations.);
• Certain closing costs associated with the home renovation can be financed;
• Borrower points are 2.25% of the loan amount.
• Eligible properties are restricted to: a) Existing one-family properties. Condominiums are eligible provided the condominium association permits the proposed renovations. (Manufactured housing and cooperatives are not eligible.) b) Existing two-family properties. Must be at least 5 years old as of the loan application date.

Funding Category:	Low interest rate financing to qualified first-time homebuyers for the purchase and renovation of properties in need of improvements or renovations.
Target Population:	Low and Moderate Income Home Owners
Funding Available:	Maximum financing will be based on the lesser of a) the purchase price of the home plus renovation costs, or b) the “as-improved” appraised value of the property.
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 Remodel New York Program Description SONYMA Purchase Price Limits for Your Area
Administering Agency:	State of New York Mortgage Agency (SONYMA)