SONYMA's "Credit is Due" Program: Expanding Access to Homeownership for Minority Households

Join us for an informative session on the State of New York Mortgage Agency (SONYMA)'s commitment to creating homeownership opportunities and addressing lending disparities in underserved communities. The focus of this meeting will be the Credit is Due initiative, a special program designed to improve access to financing for minority households.

This program, developed in collaboration with select lenders like Homestead Funding Corp, supports homebuyers with a variety of accessible mortgage options. Homestead and other participating banks have demonstrated a commitment to addressing lending gaps, making this an impactful opportunity for first-time homebuyers and families looking to achieve the dream of homeownership.

We are excited to have Rick Solosky from Homestead Funding Corp join us to provide valuable insights on how this program works and how New Yorkers can take advantage of these opportunities to secure financing for their home. Rick will walk you through the steps to qualify for the program, highlight its key features, and answer any questions you may have about navigating the homebuying process through this initiative.

Key Program Features:

• 30-year, fixed-rate mortgages with competitive rates and a 120-day rate lock.
• Eligible for combination with other SONYMA programs like Achieve the Dream, Homes for Veterans, and RemodelNY.
• Flexible property options: 1-4 family homes, co-ops, condos, and manufactured homes throughout New York State.
• Only a 1% borrower contribution is required for most properties.
• No cash reserves needed in most cases, with options for additional funding sources to be combined with grants or subsidies.
• Non-occupant co-borrowers are allowed.
  
  

To secure your spot, simply register for the upcoming Power Hour:

📅 Date: Every First Wednesday of the Month
🕖 Time: 7:00 PM - 8:00 PM

We look forward to having you join us for an engaging and informative session. If you have any questions or require further information, feel free to reach out to us.