WCTA Federal Credit Union

Name of innovative program:  State of New York Mortgage Agency (SONYMA) Partnership

WCTA Federal Credit Union has partnered with the State of New York Mortgage Agency (SONYMA) to offer affordable mortgage loans to 1^st time home buyers in distressed areas.  The SONYMA program offer no points, low down payment requirements, flexible underwriting requirements, interest rate lock in periods that are longer than conventional lock in periods, and closing cost assistance. As part of this program the member is required to complete a financial education course through a SONYMA approved source. Loans for one to four family dwellings, condominiums, cooperative apartments, as well as manufactured homes permanently attached to real property are allowed in this program.  The homes must be located in a federally designated target area and the member must meet certain income requirements. This partnership allows more members to access affordable mortgage loans.

Contact person for program: Gail Bedell, CEO  Phone number: 315-483-6936