Governor George E. Pataki has announced that SONYMA has reduced the interest rate on its popular Low Interest Rate Mortgage Program from 6.5 percent to 5.75 percent and also reduced the points charges to borrowers from 2.0 to 1.75.

In addition to offering the Low Interest Rate Mortgage Program, SONYMA also recently announced a new program, Remodel New York, under which borrowers can purchase and renovate a home with a single, low interest rate mortgage. The interest rate on Remodel New York has also been reduced to 5.75 percent. All SONYMA loans offer low down payments and flexible underwriting.

Tips on how to speed up the loan process can be found on the SONYMA web site in the Frequently Asked Questions (FAQ) section. The FAQs address a broad range of subjects from what information borrowers will need regarding bank accounts and employment history, to how people with prior bad credit (and even bankruptcy) can take steps to remedy these problems and qualify for a SONYMA loan.

Since 1995 SONYMA has purchased over 30,000 loans. In 1999 SONYMA purchased over $565 million in mortgages, the highest purchase year in the history of the agency, helping over 6,000 families achieve the dream of home ownership.

People interested in more details about all SONYMA programs should call 1-800-382-HOME, or visit the SONYMA web site at www.nyhomes.org.