Veteran Home Buying Assistance with SONYMA
The State Agency of New York Mortgage Agency (SONYMA) offers Veterans, their spouses, or co-borrowers the opportunity to acquire a fixed-rate mortgage with 0.375% below the agency’s interest rates. Homes for Veterans offers Down Payment Assistance Loans (DPAL) with financing up to $3,000 or 3% of the purchase price (not to exceed $15,000), whichever is higher. Moreover, borrowers are expected to put down 1% minimum while the remaining 2% is covered by the DPAL. This program does not allow the purchasing of points which can be paid up front to further lower borrowers’ interest rates. The following groups can apply:
- Active Duty Service Members, Veterans, Veteran Spouses, and Veteran co-borrowers
- U.S. military veterans with other than dishonorable discharge
- Active or honorably discharged members of the National Guard and reservists
Eligible Veterans and servicepersons must provide the following documentation:
- DD214 – Certificate of Release or Discharge from Active Duty or NGB Form 22 – Report of Separation and Record of Service
- Leave and Earning Statement (LES)(required for all active duty U.S. military personnel)
- Military ID Card (required for ALL active duty U.S. military personnel)
- Military Veteran’s Eligibility Affidavit (SONYMA Form 243) – Required only if an eligible Veteran or their spouse or co-borrower is not a first-time homebuyer
If you would like to pursue Homes for Veterans, you must work with one of SONYMA’s participating lenders.
For more information, please visit the Affordable Housing section on our website.