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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.

NerdWallet
Jan 7, 2022

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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.

» MORE: Explore SONYMA loan programs, rates and income limits

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

» MORE: Compare other SONYMA mortgage lenders

Best SONYMA Mortgage Lenders

Citibank
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Citibank: NMLS#412915

4.5

NerdWallet rating 
Citibank

National / regional

National

Min. down payment

3%
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Why we like it

Good for: existing Citibank customers, as well as borrowers eligible for the low-down-payment HomeRun mortgage.

Pros

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

  • Offers low rates and typical fees compared to other lenders, according to the latest data.

Cons

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

  • Customized mortgage rates not available without making contact.

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loanDepot
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loanDepot: NMLS#174457

3.5

NerdWallet rating 
loanDepot

Min. credit score

620

Min. down payment

5%
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Why we like it

Good for: borrowers looking to refinance or who want to start the application process online.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has affiliated loan stores 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
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Homebridge: NMLS#6521

3.5

NerdWallet rating 
Homebridge

Min. credit score

550

Min. down payment

3.5%
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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.

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Fairway Independent Mortgage
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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 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.

  • Origination fees are on the high side and are not offset by low rates, according to the latest data.

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Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

3%
Read review

Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

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

  • No home improvement loans offered.

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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 7, 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