The State of New York Mortgage Agency

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1 The State of New York Mortgage Agency and You! Working together to provide New Yorker s safe, affordable and sustainable home financing opportunities. By PresenterMedia.com

2 SONYMA and Homebuyer Counselors Perfect Together SONYMA offers safe, affordable and sustainable home mortgage products and our non-profit partners offer the pre-purchase education necessary to sustain our borrowers. 2

3 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Competitive, 30-year, fixed rate loans. No points; no added fees based upon credit score or amount of down payment. Rates effective September 13, 2013: LIRP: 5.00% ATD: 4.50% Lower MI payments. MI can be offered through the Mortgage Insurance Fund. Single Premium MI funding available. 97% LTV with only 1% from borrower s own funds For one- and two-family homes, including condominiums. Cooperative units: 95% LTV with 3% from borrowers own funds. Three- and four-family homes: 90% LTV with 3% from borrower s own funds 3

4 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Down Payment Assistance available. Up to $15,000 of DPA available to all SONYMA borrowers. Flexibility with subordinate financing. No maximum TLTV/CLTV when subordinate financing is a qualified Grant/Subsidy. No limit to assistance. Liberal qualifying ratios: 40/45 4

5 Key Benefits of SONYMA Products Safe, affordable and sustainable home financing opportunities Favorable lending guidelines for Condominiums and Cooperatives Longer rate-lock periods: 100/240 days Up to $1,000 cash-on-hand (no seasoning) Useful online tools: SONYMA vs. FHA Comparison Chart and Loan calculator available on website 5

6 SONYMA Borrower Eligibility Who is a First-time Homebuyer? A person who has not had an ownership interest in his or her principal residence during the three years prior to the date of making application for a SONYMA mortgage loan; and at the time of closing does not have an ownership interest in another residential property Does the borrower qualify under the Income and Purchase price limits set for the county in which they are making their purchase? 6

7 Albany MSA Example Low-Interest Rate Program Albany MSA Income Limits: 1 or 2 person household $77,000 / $92,400* 3+ person household $88,500 / $107,800* Low-Interest Rate Program Albany MSA Purchase Price Limits: Single-family homes $284,810 / $348,100* Two-family homes $364,600 / $445,620* If property is located in a Federally-designated Target Area. See for 3- and 4-family units. 7

8 8 Key SONYMA Loan Programs Low Interest Rate Program for moderate-income households features up to 97% financing (1-4 family) Target Area & Veteran waivers apply Achieving The Dream Program for lower-income households features up to 97% financing at a lower rate 1-2 family homes only 2-family new construction, target areas only Must be a first-time homebuyer with exception of eligible Veterans.

9 Overlays to SONYMA s Standard Products 9 Homes for Veterans Provides DPAL with no rate adjustment. First-time homebuyer requirement waived for eligible veterans. Active duty personnel may now apply, but must be a first-time homebuyer. HFV borrowers receive the lower ATD rate (regardless of the program). Energy Star Program DPAL borrowers receive a reduced interest rate when purchasing new construction meeting NY Energy Star standards Own it, Fix it NY Combine the purchase and the cost of renovation into one loan. (1-2 units)

10 Down Payment Assistance Loan - DPAL Optional with ALL SONYMA loan programs: 0% interest; no monthly payment; second mortgage lien. Borrowers receive the GREATER of $3,000 or 3% of the purchase price, up to $15,000. Forgivable loan with a 10-year recapture period. Increases SONYMA s standard rate for most programs by 0.375%. (Exceptions: Habitat for Humanity; Homes for Veterans; Energy Star) 10 DPAL funds must be applied to down payment with two exceptions. If the DPAL exceeds a borrower s minimum down payment requirement (when the purchase price is less than $100,000), the excess DPAL may be credited to closing costs and to fund single premium mortgage insurance. Borrowers must make their minimum required contribution from their own funds toward their purchase, but it is based upon the net purchase price. (purchase price less the amount of DPAL and other grants/subsidy funds applied to down payment)

11 Down Payment Assistance Loan DPAL There is no separate set of underwriting guidelines Borrowers select or decline DPAL during the application process The DPAL will be approved during the SONYMA compliance review Borrowers will be subject to NYS mortgage tax & recording fees The loan is forgiven at the rate of 1/120th each month during the 10-year recapture period. Or in full if the financing stays in place for the 10-year period. Repayment will be based further on net equity. 11

12 What s New at SONYMA? SONYMA Express SONYMA has developed its own automated underwriting decision engine. SONYMA EXPRESS is currently in the final testing phase and is expected to speed up loan underwriting and approvals. Expected release date: November SONYMA Advisory Council Representatives from lenders, NYSAR and non-profit partners meet with us to provide valuable feedback to help SONYMA s. programs and processes. Welcome Home, New York Events In September 2011, SONYMA hosted its first ever homeownership event called Welcome Home, NY! in Jamaica, Queens. The next Welcome Home, NY events were in Rochester in September 2012 and Buffalo in May Next Stop: Brooklyn, October 12, 2013.

13 Loan Comparison Tool

14 Loan Comparison Tool

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16 Helping NYS homebuyers put the pieces together! SONYMA and our non-profit partners, working together, piece-by-piece.