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SONYMA Announcements

Highlights from Marian Zucker’s Keynote at the CXHE Statewide Conference

Marian Zucker, President, Office of Finance & Development, New York State Homes and Community Renewal gave the keynote at the 2014 CXHE Statewide Conference in Albany, NY on September 29, 2014. During her presentation, Ms. Zucker announced several significant changes that will go a long way toward helping more New Yorkers become homeowners:
  • Income limits for the Achieving the Dream program have been increased to 80% of AMI, up from the prior limit of 70% AMI.
  • Household income has been redefined to exclude the income of parents and children, so that only borrowers and occupying non-borrower spouse income is counted.
  • The Remodel New York program has been expanded so that all lenders will have access going forward.
  • SONYMA will now accept online homebuyer education only through eHome America and no longer accepts Genworth. The online program must be followed up by an in-person or phone counseling session with a CXHE counselor for all loans using a DPAL, with 95% or higher LTV, Remodel NY, Achieving the Dream or loans where borrower is putting less than 5% down from their own funds. A $50 per transaction fee will go to the counseling agency interfacing with the borrower.
  • SONYMA has increased the availability of staff and funds to participate in and/or sponsor community homebuyer events.
  • SONYMA Express, now being actively used by pilot lenders, will be rolled out to more lender partners in the near future. This will significantly shorten time from application to closing on SONYMA transactions.
A strong partnership between CXHE and SONYMA is essential for the continued success of CXHE’s statewide membership.  CXHE highly values SONYMA’s ongoing support of this partnership, along with their leadership role in affordable homeownership and homeownership education.

Visit the New York State Homes and Community Renewal website for more information on SONYMA products for first-time homebuyers.
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