Yes i am using them and they are taking forever....well its not really them, our mortage broker said we can do it but SONYMA needs sooo much paper work that it is taking forever.... we were supposed to close on July 1st...(our attorney said maybe Aug 1 if we are doing SONYMA)right now our stuff is in the underwritting process then it will be sent to SONYMA for approval that will take a few days depending on their paperwork then we have to get the approval in writting from the mortage broker, do the final walk through then close....I hear that SONYMA is a pain like that but that its worh it in the end...
palebride
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Re: Anyone use SONYMA?
We used it! It was a huge pain int he butt....but I think that may have been the mortgage company we used....the broker we were using quit halfway through the process, never mentioed a thing to us, and the woman who processed the paperwork liked to sit around and so a whole lot of nothing for us all day long, but then get in touch with us when it was too late..... but i digress. it was TOTALLY worth it...and even though it was annoying - i would do it all over again. We got a 4.25% interest rate...and they played all of the closing costs...... if you can do it - i say go for it...but be forewarned, that it takes a little bit more time, a lot more paperwork, and a touch of frustration to get through it.....in the end though, you can buy a whole lot more with the money you save.....
christy
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Re: Anyone use SONYMA?
Do you have to have a certain income to qualify for this?
palebride
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Re: Anyone use SONYMA?
it is for first time home buyers you have to have under a certain income and you have to be buying a place under a certain amount
christy
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Re: Anyone use SONYMA?
Thanks Lori, this may come in handy for our best friends!!!
palebride
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Re: Anyone use SONYMA?
i hope so!!
butterfly20
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Re: Anyone use SONYMA?
ughhhhhhhhhhhh........ i just check the website.... the 5% just increased to 5.25%
palebride
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Re: Anyone use SONYMA?
but that's probably a better rate than the going rate now.....
and i can now appreciate just how lucky we were to get a 4.25% rate when we did!
it still is a better rate along with the closing cost assistance...... but the regular rates are now down to 5.75%.... it doesnt make sense, regular rates drop when they increase
nov04LIbride
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Re: Anyone use SONYMA?
Posted by butterfly20
it still is a better rate along with the closing cost assistance...... but the regular rates are now down to 5.75%.... it doesnt make sense, regular rates drop when they increase
I don't know, we signed with SONYMA last week but definitely weren't quoted 5.75% with any other companies. We locked in at 5% with SONYMA. LOTS of paperwork, but should be worth it! I know this is the only time we will ever be eligible so I wanted to take advantage of it!
