Eligible veterans get a fixed-rate mortgage at an interest rate 0.375 percent below the standard SONYMA rate, with down payment assistance of the greater of $3,000 or 3 percent of the purchase price up to $15,000, no points or origination fees, and a minimum borrower cash contribution of just 1 percent. Veterans, their spouses and co-borrowers do not have to be first-time homebuyers.
Contact a SONYMA participating lender and tell them you are applying under the Homes for Veterans Program.
Your discharge paperwork showing a discharge under conditions other than dishonorable, plus the income, credit and purchase documentation your lender requires.
