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  • The lock-in date is the date the Lender reserves my/our application with SONYMA. The interest rate I/we receive will be the rate that is available on the lock-in date for the SONYMA mortgage program under which I/we have applied.
  • To close at the locked interest rate, my/our loan must close within one hundred twenty days (120) days of the lock-in date. (If the home I/we am/are purchasing is proposed construction, or under construction or rehabilitation, my/our loan must close within two hundred and forty (240) days of the lock-in date.)
  • If my/our loan does not close within this period, the Lender must request an extension (maximum of 45 days) from SONYMA. If the loan extension request is approved by SONYMA, the loan will close at an interest rate that is the higher of the initial Lock-in rate or the SONYMA program rate in effect on the day the request is submitted*.
  • If more than one extension is needed (and is approved by SONYMA), I/we will receive the highest of: (i) the initial lock-in interest rate, (ii) any previously re-locked rate, or (iii) the SONYMA rate in effect on the day the newest request is submitted.

*Please note I/we may retain my/our original interest rate for an additional fee of 0.5% (up to a maximum of 2%) of the loan amount for each 0.125% in interest rate reduction from the newly extended rate.


  • Provides down payment assistance in an amount up to the greater of $3,000 or 3% of the home purchase price (or home purchase price + total repair escrow amount for RemodelNY loans), but in no event can the assistance exceed $15,000. Bears no interest (0%) and requires no monthly payments.
  • Will be forgiven after ten years provided I/we live in the Residence and make my/our regularly scheduled monthly mortgage payment. If I/we pay my/our SONYMA mortgage in full during the first 10 years of the purchase of the Residence, a portion of the DPAL may have to be repaid. Every month the SONYMA loan remains outstanding and the Residence is owned and occupied as my/our principal residence, 1/120th of the DPAL will be forgiven.
  • Requires me/us to be charged an interest rate on the SONYMA loan that is 0.375% higher than the interest rate currently being offered for the SONYMA program under which I/we am/are applying.*
  • Is more fully described in the DPAL Recapture Notification (SONYMA Form #D4) which I/we will be required to sign if I/we opt to utilize a DPAL.

*Please note the above DPAL Rate Adjustment is not applicable for the Homes for Veterans Program, the Habitat for Humanity Mortgage Program, or the purchase of a newly constructed Energy-Star labeled home.