What are the eligibility requirements for applicants?
Eligible applicants must: • Meet SONYMA’s credit underwriting guidelines (SONYMA accepts most decisions from Fannie Mae’s Desktop Underwriter® and Freddie Mac’s Loan Prospector®.); • Contribute a minimum of 1% (3% on cooperatives) of their own funds into the transaction; • Be a first time homebuyer (have not had an ownership interest in their primary residence at any time during the three years prior to the date of the SONYMA mortgage application AND does not currently own a vacation or investment home). (See the related question below about Target Areas.); • Meet SONYMA’s Household Income Limits (click here to find the Household Income Limits for your area); • Occupy the SONYMA-financed home as their permanent residence.
Related Questions
- The eligibility requirements state that applicants must have full-time junior academic status in the Fall 2010 term. If I am a senior in the Fall 2010 term, am I eligible to apply?
- What are the eligibility requirements for Lead Applicants and Team Investigators?
- What are the eligibility requirements for transfer applicants?
