Attention First Time Buyers



That Evolve offers a loan program that allows a Down Payment Assistance Loan to be used to pay for a one time Mortgage Insurance (MI) Premium?

And there is no monthly payment for this loan! If you are purchasing a home and putting less than 20% down, you will be required to pay for MI. Not only is that expensive on a monthly basis, it may also kill a deal. Very often adding that MI monthly payment puts the DTI (debt to income) ratio over the max allowance.


Criteria for qualifying for a SONYMA loan with DPAL:

• Household income max 1-2 people $98,160 for NYC and $127,320 for Long Island and Westchester

• Household income max 3 people $114,520 for NYC and $148,540 for Long Island and Westchester

• Max purchase price NYC ,LI and Westchester non-target area $665,080 (SFR)/ $812,880 target area (two plus family homes higher)

• Condo, Co-Op, SFR and 2-4 family homes all eligible

• Liberal qualifying ratios 40/45

• NO FICO minimum but must have good credit

• NO price adjustments for FICO, LTV or DTI

• 3.5% Fixed Rate with 100 or 240 day rate lock no fee (rate with DPAL 3.875%)


Interested?   Give Dianne Goodwin a call:

Dianne M. Goodwin, CMB

LPO Manager

Evolve Bank & Trust

Representative Office

242 W. 36th Street, 3rd Floor

New York, NY 10018

646-459-0627 o

631-220-6856 c

646-478-9096 f


About The Author

Jolie Powell

Jolie Powell has been a distinguised leader in the Real Estate industry since 1987. Prior to entering the world of Real Estate, she worked as a TV producer for the Advertising Agency, Dancer Fitzgerald Sample in NYC. Jolie's expertise in counseling buyers and sellers brings people together from Long Island, and indeed, Globally! Having lived abroad and traveled extensively, Jolie has an excellent understanding of many cultures. As a Cuban-born American, she is fluent in Spanish and communicates well with international clients relocating to the North Shore of Long Island. Jolie is proud of the high level of trust she and her clients have established and looks forward to continue building exceptional client/broker relationships.