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Take Five Speaking Notes – SONYMAIntro/Cover Slide:Slide 2:Title Slide (See notes to follow)Last year, 35% of all home purchasers were first time buyers with 1st Priority. Together withSONYMA, we have a winning combination.Slide 3:See notes to followSONYMA – State of New York Mortgage Agency was created to support a unique type offinancing to the first time buyer. This is defined as someone who has not owned a property orreal estate within the past three years. If someone owned a mobile home in a park, they mayqualify if they did not take any deductions. This is often not a barrier.
Take Five Speaking Notes – SONYMASlide 4:See notes to followOne of the benefits of this program is that it requires only 3% down payment. Yet only 1% hasto be the buyer’s own funds. The rest can be a gift or grant. SONYMA will also allow theseller to contribute 3% in concessions.Slide 5:See notes to followEach borrower has the opportunity to take advantage of the DPAL (down payment assistanceprogram). This is a no interest, no payment second lien on the property which will give thebuyer either 3% of the purchase price or 3000 which is ever greater to be used for closingcosts. Helps our applicants with limited savings. This is a second lien, connected to theproperty for 10 years, so if a buyer sells in 5 years, they will owe 50% back to the state.
Take Five Speaking Notes – SONYMASlide 6:See notes to followSONYMA is one of the only programs that does not have a credit score requirement. Even ifthe buyer has no score due to no credit – limited (skinny) credit – they may be eligible for theprogram. SONYMA does have a depth of credit requirement of three sources of credit with apositive history for the past 18 months. This can be items on the credit report or alternativesources.Slide 7:See notes to followSONYMA is also the most flexible when it comes to student loan debt, because they willqualify your borrower based upon their income-based repayment scheduled with properdocumentation, even if that is zero. Think about a borrower with 100,000 in student loan debt.The credit report shows a monthly payment of 350, yet FHA would use 1000 per month which way will you qualify for more? SONYMA makes the ability to purchase a new homemore affordable compared to FHAs 1% of outstanding balance. In addition, SONYMA’squalifying ratios are 40/45.
Take Five Speaking Notes – SONYMASlide 8:See notes to followSONYMA has competitive rates that change only once a week, on Friday’s. They also offer a120 days rate lock for existing home and 240 days for new construction properties.Slide 9:See notes to followIn addition to their other benefits, SONYMA offers special options for Veterans with partialentitlements, works great with municipal grants since they do not have any CLTV requirements,and will even consider financing for a double wide mobile home on its own land.
Take Five Speaking Notes – SONYMASlide 10:See notes to followClose with a call to action: We are here to help navigate the process.Call me - I am happy to help!There is a SONYMA flyer that Dawn can personalize for each MC which is a great handout.
The credit report shows a monthly payment of 350, yet FHA would use 1000 per month which way will you qualify for more? SONYMA makes the ability to purchase a new home more affordable compared to FHAs 1% of outstanding balance. In addition, SONYMA's qualifying ratios are 40/45.
