First-time home buyer doing a SonyMa loan. Loan officer got me a 6% rate, 800 credit score, putting 20% down for a NYC Co-op apartment. What do you think about these state loans with low interest rates?
Find what the catch is, as that’s not market rate. Are you buying points?
Blane said:
Find what the catch is, as that’s not market rate. Are you buying points?
SonyMa is a New York state program that has lower rates than regular loans.
Blane said:
Find what the catch is, as that’s not market rate. Are you buying points?
SonyMa is a New York state program that has lower rates than regular loans.
So, I’m currently doing one of these through West Virginia. We’re approved and submitted an offer that is currently pending, the rate is 5.6%.
Blane said:
Find what the catch is, as that’s not market rate. Are you buying points?
And I gave someone 6% with discount points last week and got screamed at for why my rates are so high!!! I’m like, do you even LOOK at the market? And this was a realtor looking to do his own loan…completely disconnected with the reality of the world…
That’s a better rate than anything I’ve seen. I’m jealous!
6% is almost a full percent better than market. Sounds good!
I think a subsidized loan on a co-op sounds almost unbelievable. But I don’t do enough co-op business to know for sure.
We have no idea without seeing details of it. You could be paying thousands of dollars in buying points to get that rate, which may not be worth it.
Skyler said:
We have no idea without seeing details of it. You could be paying thousands of dollars in buying points to get that rate, which may not be worth it.
I’m suspicious about this as well. I’ve seen 6% rates online, but they always are buying points.
Last fall I nabbed a 6.25 refinance from 7.5. I feel like I’m winning…even though…I’m not.
Closed on my home Sept 24’ with a 790 credit score. Was given a 6% flat rate conventional loan.
I was told 7.2% just this morning and I wasn’t upset with it until now.
Lock that thing up! Seriously, that’s a good rate these days.
What program? It is unbelievable, to be honest.
Take the rate and refi later.
I closed on my house on the 9th at 6.25%, and it was financed with a VA loan.
I’m not familiar with SonyMa, but my advice is to shop around. Also, there are incentives to buy in certain areas of NYC and get a closing cost credit. Our loan officer didn’t tell us about the credit until we asked because we learned about it from another loan officer. I got a 6% conventional fixed loan with no points back in October ‘24 when everyone lowered rates because they thought the feds were going to lower rates. Credit score 750. Looking back, it seems like it was a sweet spot when securing a loan during these economic times.
Look at all the details and confirm you’re not paying points (interest in advance) to lower your rate. In NYC, I’ve gotten the best rates from credit unions. If origination fees look like a decent amount, you’re paying points.
People that bought before Biden got like 2%.