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what is SONYMA?
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Re: what is SONYMA?
It's a mortgage program for first time buyers. If you qualify, they give you a forgivable loan to cover your closing costs, and the interest rates are lower.
You can find out more about it here: SONYMA
You can find out more about it here: SONYMA
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Re: what is SONYMA?
We got our mortgage through SONYMA...it's a great program for first time buyers, but a lot of additional paperwork.
In the end, the $4000 that we saved in closing costs and the 4.25% interest rate that we got made it worth it though!![]()
In the end, the $4000 that we saved in closing costs and the 4.25% interest rate that we got made it worth it though!
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Re: what is SONYMA?
Posted by palebride
We got our mortgage through SONYMA...it's a great program for first time buyers, but a lot of additional paperwork.
In the end, the $4000 that we saved in closing costs and the 4.25% interest rate that we got made it worth it though!![]()
Exactly. Combined incomes must come to less than I believe $86,000, property must cost less than $320,000. Right now it is at a 5.25% rate, and you pay back a portion of the closing costs should you move within 10 years. There are other stipulations--3 years working in the same industry and able to show the W2s and 3 years income tax.
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Re: what is SONYMA?
I was looking at the website earlier and was looking at the mortgage co. that do SONYMA loans. Are some of these companies reputable?? As far as staying in the industry for 3 years, what does that mean? I have to stay at my current employer for 3 years??
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Re: what is SONYMA?
we used bank of NY to do our SONYMA mortgage.....they are reputable......not very quick, or customer centered, but they've been around for a while.......
and as far as the 3 year thing, i don't know what they're talking about. i'm a teacher and i started at my job this past september.....when i applied for a mortgage through SONYMA, it was only november or december, so i clearly wasn't there 3 years......
and as far as the 3 year thing, i don't know what they're talking about. i'm a teacher and i started at my job this past september.....when i applied for a mortgage through SONYMA, it was only november or december, so i clearly wasn't there 3 years......
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Re: what is SONYMA?
We did the Bank of NY mortgage too. I don't know, our mortgage guy told us we had to have worked in our industry (no necessarily at this employer) for three years. I barely had the 3 because I first worked in investment banking, now in education, but I know they did check. I did know someone that was told at the last minute that they were not eligible because of that...
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Re: what is SONYMA?
What did you feel about Bank of NY? Did you have any problems with them at all?
That's strange.....because my employment was completely not an issue....never was. And I'd only been a teacher for a little over a year at that point, so it wasn't even an issue of being in one industry....
how odd
That's strange.....because my employment was completely not an issue....never was. And I'd only been a teacher for a little over a year at that point, so it wasn't even an issue of being in one industry....
how odd
