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 | 5% | 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.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
Fairway Independent Mortgage: NMLS#2289
620
3%
- 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.
- Mortgage rates for different types of loans aren't posted online.
- Origination fees and mortgage rates are on the high side compared with other lenders, according to the latest federal data.
- 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%
- Offers a wide range of loan types, including loans for manufactured homes, jumbo loans, government loans (FHA, VA and USDA), home equity loans and HELOCs.
- Offers programs that make borrowing more accessible, including down payment grants.
- Offers a FastTrack Credit Approval program, which allows borrowers who have undergone the full preapproval process to close on a loan in as little as seven days once they’ve made an offer.
- Does not post rates online.
- Both mortgage rates and fees are higher than average.
- Doesn’t offer customer service via live chat.
PrimeLending: NMLS#13649
620
3%
- Offers a broad selection of renovation loans to finance cosmetic upgrades or structural repairs.
- Issues loan approval letters within 24 hours to borrowers who qualify.
- Offers resources to connect eligible borrowers with closing cost and down payment assistance programs.
- No online mortgage rates — you have to contact the lender for information.
- Rates and fees are on the high side, according to the latest federal data.
- Doesn't offer home equity loans or lines of credit.
Movement Mortgage: NMLS#39179
620
3%
National
- Loans can be processed in as little as seven days, the lender says.
- Offers renovation loans and home equity lines of credit.
- Movement Boost program can help FHA borrowers with down payment and closing costs.
- Borrowers cannot browse sample mortgage rates online.
- Mortgage rates and fees are on the high side, according to the latest federal data.
- Recent government regulatory action could affect consumer confidence.
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
