Does the home I want to buy qualify for the SONYMA Remodel New York Program?
Yes, if it: • Is located in New York State; • Has a combined sales price and cost of renovations 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 one family home. Condominiums are eligible provided the condominium association permits the proposed renovations. (Manufactured housing and cooperatives are not eligible.); • Existing two 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; • 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).
