This is called the "Dream Mortgage". For applicants with less than $44,870 annual income. Have not owned a home in the last 3 years. Purchase price not to exceed $241,870. The $5000.00 Closing Cost Assistance Loan is also available with this program. This lower rate gives the purchaser a huge increase in purchasing power. This fact must be understood to make a tough decision easy. ie: An applicant making 30k per year would qualify for a maximum $70,000 mortgage with an interest rate of 7.5% and a PI payment of $490 per month. This same individual would qualify for a $90,000mortgage and would be paying the same $490 per month toward principal and interest. So, in this example the increased purchasing power is $20,000. I can open up many more doors for this educated buyer. Call Mark today!! 585-370-1397 and start packing!!!

CLOSING COST ASSISTANCE AND ZERO POINTS! SONYMA offers closing cost assistance of $5,000 or 5% of the loan amount -which ever is greater - and zero points with all its mortgage programs. The zero percent closing cost assistance loan (ccal) is forgiven after 10 years!!

* Buyers who have not owned a home in the last 3 years. * 30 year term only. * 1 family new construction. * 2 Step Interst Rate: 4.50% for first four years-6.50% for remaining 26 years. * Loan to Value Up to 100%. * Applicants Qualify at initial interest rate of 4.25%. SALE PRICE: $238,500 With the above sale price the CCAL could be $11,925. Remember it is $5000 or 5% which ever is higher!!! INCOME: 1&2 PERSON HOUSEHOLD - $64,100 3+ PERSON HOUSEHOLD - $73,710

INCOME: 1&2 PERSON HOUSEHOLD - $64,100 3+ PERSON HOUSEHOLD - $73,710 Maximum purchase price of $241,870. The 5.875% rate is fixed for 30 years. For first time buyer, meaning one who has not owned a home is the last three years. 0% CLOSING COST ASSISTANCE LOAN AVAILABLE FOR ALL THE SONYMA MORTGAGES AMOUNTING TO THE GREATER OF 5% OF PURCHASE PRICE OR $5,000.00.

As of 2008, SONYMA raised the purchase price to $241,870 on single family home. $303,450 on Two family.

As of May 2006 the mortgage interest rate is increased by .25% if the applicant uses the CCAL.

Before submiting a bid on a HUD home the buyer needs two things: 1.) A Pre-approval letter from a New York State approved lender. 2.) A certified deposit check to Lamplighter Realty Inc. in the amount of $500 for an offer less than $50,000.00 and $1,000.00 on a bid over $50,000.00