SONYMA TURNED US DOWN WITH 5 DAYS TIL CLOSING!!!!

So for months we have been dealing with SONYMA, and were told we were approved. Now with 5 days until we were supposed to close we were told we make too much because my FH was given a bonus in Jan., and they divide what you made already this year by the number of weeks that passed, and figure that as how much you make per week. So, though that was a one-time bonus, they calculated his income as much higher, and now we don't qualify!

So now we have to pay all the closing costs and buy a point and a half to keep the monthly payments down to an OK amount. I feel like crying, we have to borrow $ to pay closing costs now because the costs were going to be covered by SONYMA so we were told we didn't have to worry about them.

I am sorry to hear that. Thats a really ****** thing for them to do IMO. I would get your lawyer involved. There may be alternatives that you are not aware of.

It almost would have paid to have your FH specifically tell his job to NOT get a bonus (ask for additional vacation days instead) because of this.

Reminds me of a co-worker I have here. He gets TONS of overtime. But he thinks his next raise would put him over the salary margain where he would be considered 'management' and would lose his overtime. Pays to not even ask for raises anymore.

Unfortunately I have heard that Sonyma can always turn you down that's one of the pitfalls of going through them after a long application process.

So sorry this happened to you! I know this must be really frustrating!!!!

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Posted by ILT1221

Unfortunately I have heard that Sonyma can always turn you down that's one of the pitfalls of going through them after a long application process.

So sorry this happened to you! I know this must be really frustrating!!!!

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Thats a really crappy system if they can just turn you down five days before the closing date. Who's to say that if you weren't going with SONYMA... you would have chosen a different (more expensive) house.

I never considered SONYMA cause I max out the income requirement on just my income alone... so I never bothered to investigate this and am unfamiliar with the process. But if you can be denied five days before closing... what kind of security is in that.

that sucks....
have you checked out priceline.com ... their mortgage rate is 5.625 with no points...

I am SOOO sorry to hear this!! How could they not tell you till 5 days before!!?!? I'm also a little worried now since DH and I are currently waiting on our approval from SONYMA. We had a similar problem with them (though not 5 days before closing - I can't even believe that!!!! ) But our mortgage broker had told us he believed we'd be able to get approved for one program, but when we finally found the house and were in contract, he realized that because of some overtime DH made in the beginning of the year, they averaged it out and said he makes too much money. Like your FH, this is a one time thing. 40 hours and there is no more money in the budget for anymore overtime, so basically we got screwed out of that program. Luckily, there was another less stringent one that we still qualify for (well, I sure hope we do anyway, cause if not, I don't know that we can swing it!!!)
Anyway, good luck to you guys in your new home!!

they pulled something similar with us.....about a week or so before we were closing, they told us that our co-op development wasn't on their approved list. I was LIVID!!!! It takes a lot to get me to want to hit someonre...but i was there...
luckily, somehow, the lady in the management company at the co-op called and made a huge stink and they took it back and allowed us to get the loan. We were lucky!
I am so sorry they would do this to you!
It's a great program if it works for you, but the process sucks big time!

I don't own a home and have no idea what SONYMA is. Can someone fill me in?

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Posted by KimberlyBride

I don't own a home and have no idea what SONYMA is. Can someone fill me in?

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It's a program for first time home buyers who make below a certain income--I believe $86,000. It is a low rate mortgage (5% for us) and they pay closing costs.

All I can say is beware, I am so crushed and I feel the mortgage agent lied to us because he had to know how they calculate the earnings (turns out not from base pay, so beware anyone who gets overtime, bonuses, etc.). I think he just did this to make sure we then had to get the bank's conventional rate when we got turned down. He had our pay stubs for a month and a half and to call us 5 days before is just unbelievable. We are totally at their mercy and they totally screwed us over. And the guy had the nerve to say he knew I could pay for the points because he saw what I have in the bank, and I said not that it is any of your business at all but I have to pay for graduate school. What a nerve--I am still fuming a day later.

Everyone avoid Bank of NY Mortgage!!!!!!!!!

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Posted by nov04LIbride


Everyone avoid Bank of NY Mortgage!!!!!!!!!

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that is who we used as well and they were TERRIBLE!!!!!! They had no idea what they were doing, it seemed, took so long to get anything done, asked for the same papers over and over again, claimed to have given me papers, but never did!
Oh, and our agent quit halfway through the process and I didn't find out until a week after I had been calling him and getting no answer!They were unbelievable!!!

You can do what we do - everytime we drive by a Bank of NY - we give the building the finger.....

Which branch did you go through?

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Posted by palebride

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Posted by nov04LIbride


Everyone avoid Bank of NY Mortgage!!!!!!!!!

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that is who we used as well and they were TERRIBLE!!!!!! They had no idea what they were doing, it seemed, took so long to get anything done, asked for the same papers over and over again, claimed to have given me papers, but never did!
Oh, and our agent quit halfway through the process and I didn't find out until a week after I had been calling him and getting no answer!They were unbelievable!!!

You can do what we do - everytime we drive by a Bank of NY - we give the building the finger.....

Which branch did you go through?

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We went to the branch in Hauppauge--dealt with Russ. I'll give them the finger every time we go by but I am so so pissed!!!!! Everyone boycott Bank of NY!!!!

We used the hauppauge branch as well! not sure what our broker's name was by the time we finished there......

Please everyone, save yourself the aggravation......dont' use them!!!!!!

Open up a small claims case against them. Why the hell not at this point.

What does your lawyer say through all this?

OMG thats awful


I'm with Palebride... I'll give them the finger too.! As if home buying isn't hard enough, there are scum out there who make it really terrible. I'm so sorry.

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Posted by palebride

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Posted by nov04LIbride


Everyone avoid Bank of NY Mortgage!!!!!!!!!

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that is who we used as well and they were TERRIBLE!!!!!! They had no idea what they were doing, it seemed, took so long to get anything done, asked for the same papers over and over again, claimed to have given me papers, but never did!
Oh, and our agent quit halfway through the process and I didn't find out until a week after I had been calling him and getting no answer!They were unbelievable!!!

You can do what we do - everytime we drive by a Bank of NY - we give the building the finger.....

Which branch did you go through?

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my dh and i do that the house we really wanted and were out bid everytime we pass it

I hope everything works out for you!

I am sorry to hear that this happened to you. The same thing happened to us. Guaranteed the Sonyma until days before closing when we were told that I do not make enough!!! Sonyma is the grail of mortgages and agents should be held accountable for their lack of knowledge on the product.