The person buying our apt. is using SONYMA. The commitment letter hasn't been issued yet. Did anyone have any problems when they used SONYMA for their mortgage, I'd like to know what to expect.
Thanks.
Karen
StepherG
Posted:
Member since
Re: SONYMA mortgages, anyone have problems?
We sold our 1st house to a couple that used SONYMA. We had no problems with it. They went through Washington Mutual to get the mortgage. From what I remember it did take a little longer than a traditional mortgage. Good luck. Depends on how much of a hurry your in.
KarenB
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Re: SONYMA mortgages, anyone have problems?
We are supposed to close on our new home Mid November. We are selling a Co Op. I hope there are no issues.
Thanks for your reply.
oneday
Posted:
Member since
Re: SONYMA mortgages, anyone have problems?
We just bought our house using SONYMA. We had a weird situation where we waited for 6 months before closing but we actually had no problem with the SONYMA part. I think from the time the mortgage company approved the loan to when it was finished through SONYMA (the person's bank must approve first, then SONYMA does their own approval) took about 5 days. I think our broker told us it's usually 3-5 days extra. Good luck.
suezboss
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Re: SONYMA mortgages, anyone have problems?
We WERE going to use SONYMA for our co-op, but the week we were applying, the rates DROPPED dramatically (back in July).. so we actually ripped up the SONYMA app, and did another one. Our Mortgage guy said, some real estate brokers and seller's Atty's don't like using SONYMA because it takes a bit longer for SONYMA, but other thatn that, it's basically the same.
So i'm sure you will be fine.
palebride
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Member since
Re: SONYMA mortgages, anyone have problems?
it took a bit longer when we used SONYMA - but that was probably the bank we used, not the SONYMA process
Hazeleyes33
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Member since
Re: SONYMA mortgages, anyone have problems?
We also got our mortgage through SONYMA in 1996. Things didn't take too long as we bought our house from my parents so there were no real estates involved. Their rate was much lower and we were first time homebuyers so we could make less than others to get a mortgage.
myrockette
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Re: SONYMA mortgages, anyone have problems?
We got approved for SONYMA almost 10 days ago, still waiting on a closing date- seems it's always something else the bank still needs
nov04LIbride
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Re: SONYMA mortgages, anyone have problems?
We did--we waited three months for all the SONYMA approval and paperwork, only to be told a week before closing that we weren't eligible. Seems they can turn you down for no reason! IMO if there is another buyer not using SONYMA I would go with them. It DEFINITELY took longer!
cluelessbride
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Re: SONYMA mortgages, anyone have problems?
Does anyone know the income limits for sonyma?
Danielle
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Re: SONYMA mortgages, anyone have problems?
Check out their website and then on the left click Income Limits. It depends on what program you are using.
