Homes For Veterans Program
Homes for Veterans Program offers fixed-rate mortgages with interest rates 0.5% below the already low interest rates charged on SONYMA mortgages with closing cost assistance.
The Homes for Veterans Program features the following:
- Veterans, and their spouses or co-borrowers, need not be a first-time homebuyer.
- Interest rates that are 0.50% lower than our standard interest rates (for loans with closing cost assistance).
- Closing cost assistance up to the greater of $3,000 or 3% of the requested loan amount.
- No points or origination fees.
- Minimum borrower cash contribution only 1% (the remaining 2% can come from a gift or other acceptable source).
Who is eligible for the mortgage program?
To be eligible, an applicant must meet the following requirements:
- The applicant must be a veteran who serve in the active military, naval, or air service who was discharged under conditions other than dishonorable.
What documentation is required to prove eligibility?
In order to qualify for the Homes for Veterans Program, veteran must supply the following documentation with their SONYMA mortgage application:
- DD214 – Certificate of Release or Discharge from Active Duty;
- Military Veteran’s Eligibility Affidavit (SONYMA Form 243) [Required only if veteran (or their spouse or co-borrower) is not a first-time homebuyer
How do you apply?
Contact the State of New York Mortgage Agency (SONYMA) at 1-800-382-HOME (4663) or www.nyhomes.org and get pre-qualified with a SONYMA participating lender.
For More Information,
Call 1-888-838-7697 or 518-474-6784
