NEW YORK, NY readMedia)– The State of New York Mortgage Agency (SONYMA) is increasing the purchase price and income limits for its below-market interest rate mortgages, making the mortgages more attractive to homebuyers in the Syracuse region.
“SONYMA mortgages offer a way to help low- and moderate-income borrowers buy a home-especially if it’s their first home,” said Priscilla Almodovar, President and Chief Executive Officer of SONYMA. “Our new higher purchase price and income limits will make our mortgages available to more prospective homebuyers in Syracuse and surrounding counties.”
The new purchase price and income limits went into effect on Monday, March 24.
SONYMA is a State agency that provides low interest rate mortgages to low- and moderate-income homebuyers. The new federally mandated regulations increase income limits across the state and raise purchase price limits in selected counties. Among the counties where higher purchase price limits will apply are Madison, Onondaga and Oswego counties.
The purchase price limits for all three counties will increase by 5.1%. For a one-family home, the purchase price will increase from $240,750 to $253,120 in most areas and from $294,250 to $309,370 in so-called “target” areas, which are areas designated as economically disadvantaged by the Federal government.
Income limits in the Syracuse area will increase by nearly 3.5% and apply to all counties in the region, including Cayuga and Cortland. The current limit of $63,100 will go to $65,300 for most areas and from $75,720 to $78,360 for “target areas.”
For more information, call 800-382-HOME (4663) or visit our website: http://www.nyhomes.org.
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SONYMA was created in 1970 with the mission of helping low- and moderate-income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.
