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4 Best SONYMA Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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SONYMA programs help first-time home buyers in New York achieve their goal. These are some of the best SONYMA lenders, as determined by NerdWallet.

Summary of Best SONYMA Mortgage Lenders of 2020

LenderBest ForNational/RegionalMinimum Down PaymentLearn More
Citibank

Citibank

NerdWallet rating 
Read review

traditional lending

National

3%

Read review
loanDepot

loanDepot

NerdWallet rating 
Read review

nonbank loan products

National

3.5%

Read review
HomeBridge

HomeBridge

NerdWallet rating 
Read review

government-backed loans

National

3%

Read review
Fairway Independent Mortgage

Fairway Independent Mortgage

NerdWallet rating 

at Fairway

customer service

National

3%

at Fairway

Logo
Read review

Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%

Read review

Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank, a large-scale mortgage lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.

Pros

  • Low down payment options.

  • Discounts for Citibank customers.

  • Looks at alternative credit data like rent history and child support payments.

  • Available in all 50 states.

Cons

  • Charges a mortgage application fee.

  • Did not disclose origination fees, which may vary.

  • Can't complete loan online.

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Read review

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%

Read review

Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

Pros

  • Offers digital income, asset and employment verification.

  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.

  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.

  • Does not offer home equity loans or lines of credit.

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HomeBridge: NMLS#6521

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Ideal for borrowers who prefer an online experience. Homebridge offers a variety of home loan options and an online application.

Pros

  • A wide variety of loan types.

  • Low credit score requirements for government-backed loans.

  • A wealth of educational material on its website.

  • Licensed in all 50 states.

Cons

  • Mortgage application can't be tracked online.

  • Charges origination fees on some loans.

  • Limited branch locations.

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway

Why we like it

Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.

Pros

  • A robust suite of loan products.

  • Licensed in all 50 states.

  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.

  • Mortgage rates not posted on website.

Read Full Review

More SONYMA participating mortgage lenders

These lenders are among the highest-volume SONYMA participating mortgage companies in New York state. The lenders have not been reviewed by NerdWallet.

Citizens Bank

  • Over 100 loan officers in New York state.
  • Earn an interest rate discount with automatic payments from your Citizens Bank checking account.
  • A dedicated loan officer walks you through the loan process.

M&T Bank

  • Based in Buffalo with a long history in New York: It was established in 1892.
  • An online application offers “instant preapprovals.”
  • Personalized interest rates are available after providing basic information.

HSBC Mortgage Services

  • Offices in metro New York City and Long Island.
  • The matched savings program offers up to $7,500 in financial assistance to first-time home buyers.
  • International borrowers have access to a mortgage services program.

SEFCU Mortgage Services

  • Headquartered in Albany, with branches in Lagrangeville and North Syracuse.
  • An online application allows you to stop anytime and start where you left off later.
  • After submitting a loan application, you can check your loan status online.

» MORE: See the best New York mortgage lenders

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best SONYMA Mortgage Lenders of 2020

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