Sonyma loan

Has anyone on here purchased a home with this type of loan?

Re: Sonyma loan

We did about 18 months ago bc the rate was better than all the bank/credit union rates. I don't think the process was any different than any other loan. Actually, the whole thing was pretty painless.

We were told that the loan will be sold to M&T Bank right away, and by the time the first payment came, it was already sold. We've had no issues, and we're very happy with them.

Re: Sonyma loan

Oh thank you so much for writing back!! We are in the process of hopefully getting one. We got the approval letter from the bank but attached to that was a list of approval conditions. I have sent everything they requested (I am hoping) over to the loan processor. How long after getting your approval letter did you close? This entire process is so stressful but I know it will be worth it in the end.

Re: Sonyma loan

I don't remember exactly when we signed the contracts, but I remember the offer was accepted mid December and we closed the first week in April. So, probably about 90 days.

It definitely could have been faster, but we had to have the neighbors sign something about the property lines and that took a little while.

I don't remember the whole thing being that painful, so it couldn't have been that bad.

Good Luck!