Which SONYMA Mortgage is right for you? The State of New York Mortgage Agency (SONYMA) and Elmira Savings Bank offers two mortgage programs to assist you with the purchase of a home in New York State. Each program features a below-market interest rate, low down payment requirements, no prepayment penalties, and offers closing cost assistance. Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.
- Low Interest Rate Program:
- SONYMA's standard mortgage program for a first-time homebuyer purchasing a newly constructed or existing home.
- Achieving the Dream:
- Features the lowest interest rate of all SONYMA programs. Available to lower income first-time homebuyers.