SONYMA Mortgage Programs
Make homeownership a reality with Arrow Bank’s participation in the State of New York Mortgage Agency (SONYMA) programs. SONYMA offers affordable mortgage products designed to help first-time homebuyers and income-eligible borrowers access financing across New York state.
Key Benefits of SONYMA Programs
- Lower interest rates: Borrowers can access interest rates below standard mortgage programs, based on household income.
- Down payment assistance: May be combined with available SONYMA down payment programs, such as DPAL or RSL (subject to interest rate add-on).
- Flexible Credit: There is no cap on borrower assets post-closing, providing greater flexibility for homebuyers.
Who Can Apply?
- First-time homebuyers in New York state (defined by SONYMA as those who have not owned a home within the past three years, unless you are a veteran or purchasing in a target area)
- Households looking for low-interest mortgage solutions
- Homebuyers in need of down payment assistance
Credit Is Due Program
Arrow Bank is proud to be a participating lender in SONYMA’s Credit is Due program—one of SONYMA’s standout initiatives designed to expand access to homeownership. This innovative program offers inclusive credit guidelines tailored for households with non-traditional credit, income and asset profiles.
By recognizing diverse financial backgrounds and helping individuals overcome past financial hardships, Credit is Due opens the door to sustainable homeownership for underserved communities across New York state.
Why Choose Arrow Bank?
We’re a local mortgage lender offering comprehensive homebuyer support, guiding you from application to closing. Whether you’re applying for SONYMA programs or exploring other affordable financing solutions, our mortgage experts will walk you through the process, explain your options and ensure you get the right loan program for your needs.
Ready to Get Started?
Applications for SONYMA programs, including Credit Is Due, may be completed through the official SONYMA website. Our mortgage professionals are also here to answer questions and guide you every step of the way.
Contact Arrow Bank’s Mortgage Professionals today to learn more.