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

[email protected]