The State of New York Mortgage Agency (SONYMA) is a specialized program designed exclusively for first-time homebuyers. This initiative offers several advantages, including potentially lower interest rates and reduced closing costs. SONYMA loans become especially appealing when faced with a scenario of significant interest rate increases, providing homebuyers with a more stable and affordable financing option. This program aims to support and facilitate homeownership for individuals entering the real estate market for the first time, enhancing accessibility and affordability.
