BEST OF

5 Best SONYMA Mortgage Lenders of 2022

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.

By NerdWallet 

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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.

Best SONYMA Mortgage Lenders

Fairway Independent Mortgage
Learn more

at Fairway Independent Mortgage

Fairway Independent Mortgage: NMLS#2289

3.5

NerdWallet rating 
Fairway Independent Mortgage

Min. credit score

620

Min. down payment

3%
Learn more

at Fairway Independent Mortgage


Why we like it

Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.

Pros

  • Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage rates for different types of loans aren't posted online.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Read Full Review

loanDepot: NMLS#174457

4.0

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%

Why we like it

Good for: borrowers who want an easy online application and a variety of loan types to explore.

Pros

  • Has branches across the country for customers who prefer face-to-face service.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

  • Mortgage interest rates tend to be on the lower end, according to the latest federal data.

Cons

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

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

Read Full Review

Homebridge: NMLS#6521

3.5

NerdWallet rating 
Homebridge

Min. credit score

N/A

Min. down payment

3.5%

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.

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

  • Offers home equity lines of credit, or HELOCs.

Cons

  • Doesn't post interest rates on its site.

  • Lender fees are on the high side, according to the latest federal data.

Read Full Review

Citibank: NMLS#412915

4.5

NerdWallet rating 
Citibank

National / regional

National

Min. down payment

3%

Why we like it

Good for: Buyers who want to explore low down payment mortgages, including government-backed loans and Citi’s proprietary option.

Pros

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

  • Offers low rates compared with other lenders, according to the latest data.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

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

  • Customized mortgage rates not available without making contact.

  • Doesn’t offer renovation loans.

Read Full Review

Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

3%

Why we like it

Good for: existing customers of the bank looking for a wide selection of mortgage products.

Pros

  • Sample rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.

Cons

  • Home loans business is broadly focused on bank customers.

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

  • Scandals and government actions have damaged consumer trust in recent years.

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 6, 2022

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 2022