SONYMA - what are the target and non-target...

areas that they talk about

im assuming that they are encouraging people to move into the areas - but not sure which areas they are... i couldnt find anything on the website either!

Basically Target areas are the ones that are affordable (just kidding)

but I know that Farmingville (SACHEM SCHOOLS) and Deer Park defiantly are.

I think it also includes selden, centereach, brentwood, babylon, bayshore, Islip. Your mortage broker will know for sure.

OR you can call up SONYMA they have a phone number on their website.

I was blessed to have been granted sonyma, I wont lie, its a lot of paper work and takes time but as palebride will tell you its well worth it when you get approved (we saved 12,900.00 in closing). AND FYI do not make any large purchases or take out any credit cards until AFTER YOU CLOSE SONYMA rechecks your status up until closing!

Good luck

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Posted by [email protected]

Basically Target areas are the ones that are affordable (just kidding)

but I know that Farmingville (SACHEM SCHOOLS) and Deer Park defiantly are.

I think it also includes selden, centereach, brentwood, babylon, bayshore, Islip. Your mortage broker will know for sure.

OR you can call up SONYMA they have a phone number on their website.

I was blessed to have been granted sonyma, I wont lie, its a lot of paper work and takes time but as palebride will tell you its well worth it when you get approved (we saved 12,900.00 in closing). AND FYI do not make any large purchases or take out any credit cards until AFTER YOU CLOSE SONYMA rechecks your status up until closing!

Good luck

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Islip is definitely not a target area (I don't remember all of them, but I remember thinking it was the more ghetto towns). Central Islip is. Brentwood I believe is. Hempstead is. I don't think Bay Shore is. Read my post re:SONYMA--I am disgusted with the whole program as they told us we didn't qualify 5 days before closing, forcing us to change to a conventional rate. It was a ton of paperwork and they calculated our earnings as much higher than they are, and said we don't qualify. If I had to do it again I would have applied just in my name because then I probably would have been approved, but with two incomes it was easy for them to find ways to turn us down. They disregard base salary, so if you or FH make any bonuses or overtime they can turn you down saying you could make too much to qualify by the end of the year since these factors are unpredictable (even when we offered a letter from his company stating his bonus was a one-time deal in January). AHHH! If you choose to try, definitely avoid Bank of New York.

It is my understanding through the agency I work for that SONYMA is a program to help 'revitalize economically depressed areas' Nov04LIbride is right, it's places like Brentwood, Hempstead, South Huntington....

ETA: This isn't to say that SONYMA can't be used for properties elsewhere.

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Posted by halloweenbride04

It is my understanding through the agency I work for that SONYMA is a program to help 'revitalize economically depressed areas' Nov04LIbride is right, it's places like Brentwood, Hempstead, South Huntington....

ETA: This isn't to say that SONYMA can't be used for properties elsewhere.

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That's very true--we are buying in Ronkonkoma (not a target area), and were approved for it, but somehow would have been given more, or a lower rate, if it was in a target area. But now we aren't eligible anymore so it's a moot point anyway.

FYI -- South Huntington is not a target area. The income restrictions are higher (you can make more and still qualify) in target areas. The purchase price for the home can also be higher in a target area.

Call SONYMA to actually find out which areas are target -- those are areas that have been designated by the Federal Government -- because, when I called, I found that there were only a few Target areas on Long Island. Also, a Target area might only be a section of the town, not the whole town.

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Posted by littlecat

DO THEY LOOK AT HOW MUCH YOU MAKE?

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Definitely--this is pretty much all they look at. For the target areas you can make slightly more and still be eligible, but I don't think it is a great deal more--maybe $90,000 combined instead of $85,000? But since I had such a horrible experience with them (see my posts) I would not recommend them to anyone.