State of New York Mortgage Agency

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The State of New York Mortgage Agency (SONYMA) was created in 1970 as a public benefit corporation due to shortages of funds in the private banking system for New York State's residential mortgages. The agency has a number of programs intended for first time home buyers of owner-occupied residences.

The agency's primary program is the Low Interest Rate Mortgage Program, which issues tax-exempt mortgage revenue bonds and uses the proceeds to fund below-market interest rate mortgage loans to low- and middle-income first time home buyers. The agency also has other home ownership programs from time to time.

SONYMA also operates the Mortgage Insurance Fund Division, which provides primary mortgage insurance for disadvantaged properties.