FAQ

No, SONYMA provides special incentives for applicants purchasing homes in Federally-designated Target Areas. The incentives are:

• You do not have to be a first time homebuyer*;
  
  
• You can make more income and purchase more home since the Household Income and home Purchase Price Limits are higher (click here to see Household Income and Purchase Price Limits for your area); and
  
  
• You can purchase a two family home that is a newly constructed or is an existing home that is less than 5 years old.

(*Note: However, you must sell your existing home and will not be eligible if you currently own and you intend to retain ownership of a vacation or investment home.);

To find out if a property is located in a Target Area, call SONYMA's Information Center at 1-800-382-HOME (4663) with the exact street address, city or town, and zip code.

Note: These waivers do not apply to the Achieving the Dream Mortgage Program.

SONYMA

No, under Federal law, SONYMA is not permitted to refinance an existing mortgage. If you wish to refinance, you will have to obtain financing from a conventional lender or another source.

You may be able to receive funds for home improvement, but it must be through a Grantee in your area. Eligibility depends upon the project specifications which include income eligibility.

For current homeowners, funding can be obtained through home improvement projects only.

Homeowners may not apply directly to AHC. Grants are given to municipalities, not-for-profit corporations and charitable organizations (Grantees) who, in turn, utilize the funds to assist income qualified families. To find a current AHC Grantee in your area, click here.

AHC utilizes the annual HUD low income limits as a baseline. However, there is a tiered structure for determining income qualifications, which also varies with each project. To find out the income qualifications for a specific project, please contact the Grantee by clicking here for a Grantee list.

For home improvement projects, funds of up to $40,000 per unit may be available.

You may either find an income qualified family to assume your AHC note and mortgage, or you may repay the remainder of your loan.

Please contact the original source (AHC Grantee) that awarded you the funds. If your Grantee no longer exists as a current Grantee on our list, please e-mail your name and address with your question to CarolineT@nyhomes.org.