Can I set up SONYMA with LLC?

[Joel Cedano]

Hello all!

I'm currently getting my ducks in a row to initiate the SONYMA loan process for my first home ever. (!!!!)

I have an LLC company I incorporated in 2011 (completely unrelated to real estate). I was wondering if it's possible to put the mortgage under this LLC.

Thanks in advance for the help!

[Michael Enriquez]

Sadly, no. SONYMA is an initiative for first time homebuyers and there are very strict underwriting requirements tied to it. According to the seller's guide, some of the requirements include: 3 years of tax returns (opposed to the norm of 2), if it's a multi-unit home that is not located in one of their target areas; at least one unit must have been occupied for 5 years preceding the application (and if it wasn't occupied it could not have been for commercial use. 

Although SONYMA offers the DPAL, the rates are a bit higher than your run of the mill conventional loan. When ever "free" money is involved, let's just say it's not really "free". Lol.