The State of New York Mortgage Agency (SONYMA) is a public authority created in 1970 by the state government

State governments of the United States

State governments in the United States are those republics formed by citizens in the jurisdiction thereof as provided by the United States Constitution; with the original 13 States forming the first Articles of Confederation, and later the aforementioned Constitution. Within the U.S...

 of New York

New York

New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

 to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably priced fixed-rate mortgages through several mortgage

Mortgage loan

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

 programs for eligible homebuyers. Each program offers competitive interest rate

Interest rate

An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...

s, low down payment

Down payment

Down payment is a payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.A loan is then required to make the full...

s, down payment assistance and no prepayment penalties. SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers. The mortgage loans are purchased from the lenders by SONYMA, which funds the purchases by issuing tax-exempt bonds

Bond (finance)

In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...

.

SONYMA also runs a Mortgage Insurance Fund (MIF) to provide insurance for mortgages made by commercial and public lenders to finance construction of affordable multifamily apartment developments. The MIF also provides mortgage pool and primary insurance for single-family mortgages purchased by SONYMA. The MIF is funded from a surtax on the recording of mortgages in New York State.

See also

• Nyhomes
  Nyhomes
  nyhomes is New York State's affordable housing lender. Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers...
  
  
• New York State Housing Finance Agency
  New York State Housing Finance Agency
  The New York State Housing Finance Agency is a New York State public authority created in 1960 to build and preserve affordable multifamily rental housing throughout New York State. HFA sells bonds and uses the proceeds to make mortgages to affordable housing developers.Developers can take...
  
  
• Federal Housing Administration
  Federal Housing Administration
  The Federal Housing Administration is a United States government agency created as part of the National Housing Act of 1934. It insured loans made by banks and other private lenders for home building and home buying...
  
  

External links

• About the State of New York Mortgage Agency (SONYMA)
• History of the State of New York Mortgage Agency
• nyhomes.org