6 Best SONYMA Mortgage Lenders of 2024
SONYMA helps people achieve the dream of homeownership in the Empire State. See our picks of participating SONYMA lenders.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.
The State of New York Mortgage Agency offers special home loan programs through local lenders to first-time buyers and veterans. Residents who haven't owned a home in the past three years qualify as first-time buyers. Repeat buyers in certain targeted areas of the state may also be eligible.
SONYMA programs feature reduced interest rates, low down payment requirements and forgivable loans to assist with down payments.
» MORE: Explore SONYMA loan programs
Here are NerdWallet-reviewed lenders that participate in SONYMA loan programs. When reaching out to a lender, ask for a loan officer with experience in processing SONYMA loans.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
6 Best SONYMA Mortgage Lenders of 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Fairway Independent Mortgage: NMLS#2289 Top 3 most visited 🏆 Learn more at Fairway Independent Mortgage | 620 | 3% | Top 3 most visited 🏆 Learn more at Fairway Independent Mortgage | |
 Caliber: NMLS#15622 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 CrossCountry Mortgage: NMLS#3029 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 PrimeLending: NMLS#13649 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet |
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
Fairway Independent Mortgage: NMLS#2289
620
3%
- Loan options include government-backed mortgages and physician loans.
- Offers first-time home buyer grants to buyers in eligible locations.
- Highest scoring mortgage lender for customer satisfaction, according to J.D. Power.
- Mortgage rates aren't posted online.
- Online customer service requires contact information and phone is for existing customers only.
- Home equity loans and HELOCs are not available.
- Has been penalized for redlining.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Offers financial assistance, such as grants for down payments or closing costs, to first-time home buyers who qualify.
- Supports military borrowers with extensive online resources and dedicated VA loan specialists.
- No mortgage rates displayed online.
- Room to improve overall digital experience: No online chat for customer service, and mobile app has poor ratings and reviews.
- Doesn't offer home equity loans or lines of credit.
CrossCountry Mortgage: NMLS#3029
620
3%
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Qualified borrowers can receive up to $6,500 in down payment assistance.
- Offers conventional loans for manufactured homes.
- Doesn’t post rates online.
- No mobile app.
- Fees are on the high side, according to the latest federal data.
PrimeLending: NMLS#13649
620
3%
- Offers closing cost assistance.
- Wide variety of loan types, including non-QM loans.
- Mortgages are available for manufactured homes, including 3D-printed houses.
- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
Movement Mortgage: NMLS#39179
620
3%
National
- Average closing time under 25 days, faster than the national average.
- Offers down payment and closing cost assistance for FHA loans, with no income limits.
- Profit-sharing model supports charitable giving through the Movement Foundation.
- Doesn’t post mortgage rates online.
- No online chat for customer service.
- Average origination fee is on the high side, according to the latest federal data.
More from NerdWallet
Last updated on February 21, 2024
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.
Lenders included on this page participate in SONYMA programs and have earned at least 3 stars in NerdWallet's home loans overall rating.
NerdWallet's Best SONYMA Mortgage Lenders of 2024
- loanDepot: Best for fixer-uppers
- Fairway Independent Mortgage: Best for customer satisfaction
- Caliber: Best for VA loans
- CrossCountry Mortgage: Best for government-backed loans
- PrimeLending: Best for fixer-uppers
- Movement Mortgage: Best for variety of loan types
