Anyone have experience with SONYMA?

A friend told me they were able to get down payment assistance through them, which is forgiven if you stay in the home for 10 years. Anyone do this? What about their low interest mortgage program? TIA!

Re: Anyone have experience with SONYMA?

Although we didn't end up using this program we researched it extensively. I know the mortgage person that we used does this type of mortgage if you would like his info let me know :)

Re: Anyone have experience with SONYMA?

We used it in 2004 for our first home, which was a co-op. We were able to get a great interest rate, which allowed us to buy our first home. The process was a HUGE pain...but it was all worth it in the end.
We moved sooner than the 10 years, so we had to pay some of the closing costs back, but it was still less than we would have paid without SONYMA.

Re: Anyone have experience with SONYMA?

I just closed on my first house using a SONYMA loan. The process was a bit long but we got a great rate and it was worth it in the long run. We didn't do the down payment assistance program, but if you need a mortgage broker I can FM you the one we used (we're in Suffolk). He was great! Good luck!

Re: Anyone have experience with SONYMA?

Thanks for the info everyone! We're waiting to hear if someone we know is definitely going to sell their house. If they do, I'll be FMing you for the info.