Be first-time homebuyers as defined by SONYMA (this requirement is waived if the borrower seeks to purchase a home located in a Federally designated target area . See Exceptions for Borrowers for more details); Meet SONYMA's credit underwriting standards. Applicants must have: a steady job, a good credit history, sufficient income to make the mortgage payment and meet other debt payments, and sufficient cash, savings, or other assets for down payment and closing costs; Meet SONYMA's household income limit requirements (click here to see income limits for your area); and Use the home that is financed with SONYMA funds as their permanent residence.
The income limit is $85,300 for Suffolk and Nassau.
