sonyma mortgage

Hi, I just went to contract and right in the contract it states I can not have a sonyma mortgage, does anyone know why? Or has this happened to anyone- I don't get how the seller can dictate who I get my mortgage through. Of course Murphy's law my mortgage broker has my application ready for sonyma, now I am thinking I can't use them. I put a call into the lawyer, when I met with him he just asked if I was getting a conventional mortgage- I said yes- figuring a 30 year fixed is conventional enough. TIA
Hope everyone is enjoying the weather!!

Re: sonyma mortgage

30 year fix is a conventional mortgage. sonyma, if im right, is an assistance plan. like if you make under a certain amount of money combined you get a severly reduced rate. my friend is doing it now. i dont get why your contract would state you cant get one. my DH and i make $10K over the limit...i was so mad when i didnt qualify!

Message edited 6/8/2008 8:54:25 AM.

Re: sonyma mortgage

The seller put that in there to protect themselves. Not everyone qualifies and its a sonyma is a long drawn out process.

Sometimes it takes months and THEN they tell you that you don't qualify. Sucks.

Message edited 6/8/2008 2:35:35 PM.

Re: sonyma mortgage

In my office, our contracts also say Purchaser's may not apply for a sonymae loan....usually because it takes more than the 30-45 day Mortgage Contingency period stated on the Contract. In this market though.....if a Buyer says they want to apply for a SonyMae loan.....and our Sellers are not in a rush....we usually allow it. We just dont make the transaction contingent on a Sonymae loan....if the purchaser can get the loan GREAT....if not they better start applying for a conventional loan!!!!

Re: sonyma mortgage

Just wanted to add that the SONYMA application is now all online and much quicker then it had been previously. We were told that they were closing in as quick as 30 days.