SONYMA loans ?
I’m in contract for an existing condo and despite having been pre-approved, having perfect credit and no debt, I can’t seem to get 90% financing. It seems to be an issue with PMI. I’ve been told by a rep at Bank of AMerica that they might be able to put me in a SONYMA loan,…
I’m in contract for an existing condo and despite having been pre-approved, having perfect credit and no debt, I can’t seem to get 90% financing. It seems to be an issue with PMI.
I’ve been told by a rep at Bank of AMerica that they might be able to put me in a SONYMA loan, and after checking it out, it seems like a really good product, but I’m worried about the inevitable headaches of going through the state. Does anyone have any experience with these loans ?
I can’t answer your question, but I am interested in any answers you receive. I was in a similiar situation. Great credit, minimal debt, but can’t get approved for PMI.I was in contract for a coop in Midwood, which accepted the 10% down. I was also advised to go through SONYMA. My problem was that the sponsor did not want to extend the closing. The banks are saying it takes about 3 months to close on a SONYMA mortgage.