SONYMAE

Has anyone bought a house using SONYMAE?
My FH friend bought a lovely house in Valley Stream and only put 3% down. And most of their closing costs were paid for them.

We did a sonyma mortgage. There were some things that made it a big PITA, but it is worth it for us b/c we got a really good interest rate, and they paid all the closing costs for us - including our lawyer fee as well.

We put down about 10% though. I think we could have done less if we wanted to, but we'd rather the lower payments (even by a little) and we're hoping to get rid of the PMI sooner.

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Posted by MCDO15

sonymae is just another program or type of loan that works in your closeing cost. if you are worried about closeing cost, you can do 100% (106%) financeing.

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You're not exactly right about that.
SONYMA is a government loan for first time buyers who make a under a certain amount of money and are looking to purchase a home under a certain amount of money.

We qualified for the SONYMA loan and got one and it was AMAZING!!! We bought last March and got a 4.25% interest rate (at that time, those low interest rate commercials were only advertising 4.5%) and they cover all of your closing costs. BUT if you sell within 10 years, you have to pay a certain percentage of the closing costs back to them.....even then, though, you won't be paying all of the closing costs so it's worth it.

There are some drawbacks to the SONYMA loan though - they have to qualify you and they get very picky with that. There were several people on this site going for a SONYMA loan who were told at the very last minute that they weren't getting it- which is incredibly frustrating....
And there is a TON of paperwork that takes additional time to clear.

As far as the percent we put down - the co-op board where we bought determined that - not SONYMA.

I would certainly recommend it though.

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Posted by PeterNChris

Thanks,,, where were the homes purchased?

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we bought a co-op in glen cove

here's the site to help answer more of your questions
SONYMA

We bought our house with Sonymae 9 years ago in October. We didn't have a problem with them.
Good Luck!