SONY MAE loans?

anyone ever heard of this special loan for first time home buyers? any more info about it?

Re: SONY MAE loans?

We used it to get our co-op and it was great for us!
We got the loan at an incredible interest rate - 4.25% two years ago, and didn't have to pay any closing costs.
It is a lot of paperwork though....and it takes longer than a normal mortgage - but it is totally worth doing, if you qualify.
You can look online, but there are certain requirements to get approved for it...such as salary, price of the home you are looking to buy, if this is your first time....etc.

Re: SONY MAE loans?

We did this too and it was great for us. We got a great rate and didn't have to pay any closing costs (in fact, I think we were even able to use the money for our lawyer so we never even paid him.)

There are a lot of restrictions, and a lot of paperwork - but it was soo worth it! But I do remember someone a while ago saying that she was going through it, and last minute, they said she did not qualify so she had to come up with the cash herself. My mortgage guy (we went through HSBC b/c that was where I bank and figured since we were doing SONYMA there was no difference in rates or anything) and he went over all our stuff VERY carefully before hand so he knew what we would qualify for. He called and spoke directly to people at SONYMA about some things to make sure.

Here's a link to info about it and if you have any questions, feel free to ask.
SONYMA