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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.

The State of New York Mortgage Agency helps first-time home buyers in the Empire State move up to homeownership. Working with local lenders, SONYMA offers reduced interest rates, lower down payments and forgivable loans to assist with closing costs.

While there are many lenders that participate in SONYMA programs, these are among the highest rated, as determined by NerdWallet.

Summary of Best SONYMA Mortgage Lenders of 2020

Citibank: NMLS#412915

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National / Regional

National

Min. Down Payment

3%


Why we like it

Good for: Borrowers wanting to compare mortgage rates online for a variety of loan options.

Pros

  • Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.

  • Provides customizable mortgage rates on its website.

  • Offers low rates and fees compared with other lenders.

Cons

  • Charges a mortgage application fee.

  • Requires help from a mortgage loan officer to complete the loan application online.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot


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.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • 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%


Why we like it

Good for borrowers who want a loan officer's help, in person or on the phone, when deciding among the wide range of available mortgage options — including loans to buy and renovate.

Pros

  • Offers a full array of mortgage products, including government and renovation loans.

  • Has loans for most purposes, including purchase, refinance and jumbo mortgages.

  • Online portal keeps borrowers up-to-date on the loan application's progress.

Cons

  • Doesn't post interest rates on its site.

  • Doesn’t offer home equity loans or lines of credit.

Read Full Review
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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

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

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.

  • 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.

  • 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.

  • 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.

  • 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.

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. 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