Does the home I want to buy qualify for the SONYMA Low Interest Rate Program?
Yes, if it: • Is located in New York State; • Has a sales price that does not exceed SONYMA’s Purchase Price Limits (click here to see Purchase Price Limits for your area); • Will not be used for any business or commercial purpose; • Is one of the following property types: • Existing or completed newly constructed one family home (includes condominiums and cooperatives); • Two , three , or four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years; • Two family home located in a Target Area that is completed newly constructed or was constructed within the five years prior to the SONYMA loan application date; • Is a maximum of 5 acres (exceptions can be made on a case by case basis); • Has at least 500 square feet of living space (exceptions can be made on a case by case basis).
