How Does SONYMA Calculate the Purchase Price to Determine if it is Within SONYMAs Purchase Price Limits?
In almost every case, SONYMA uses the purchase price listed on the sales contract signed between the purchaser and the property seller to measure against our Purchase Price Limits. Under Federal regulations, however, there are a few exceptions: • Cooperative Units – The proportionate share (%) of the cooperative project’s underlying mortgage must be added to the purchase price of the unit the applicant is purchasing. The combination of the unit sales price and the percentage share of the underlying mortgage cannot exceed SONYMA’s Purchase Price Limit; • Homes with Unfinished Living Space – If the applicant purchases a home that has incomplete living space (for example, a two-story home where the second story is not finished), whether it is an existing home or a newly constructed home, SONYMA must add the reasonable cost of completing the unfinished space to the contract price. This total cannot exceed SONYMA’s Purchase Price Limit; • Land Purchased More than 2 Years Ago – If the applic
