NY First-Time Buyer Programs
NY First-Time Buyer Programs
SONYMA programs with low rates and down payment assistance for New York homebuyers.
What It Is
The State of New York Mortgage Agency (SONYMA) offers programs for first-time homebuyers including the Low Interest Rate Program and the Achieving the Dream program for lower-income buyers. SONYMA also offers the Down Payment Assistance Loan (DPAL) of up to $15,000.
Who Qualifies
New York residents who have not owned a primary residence in the past 3 years. Income and purchase price limits vary by county and household size. The Achieving the Dream program has lower income limits but offers the best rates.
Basic Requirements
—No primary residence ownership in past 3 years
—NY county-specific income limits apply
—Purchase price limits by county
—Homebuyer education course required
—Primary residence in New York only
—Minimum credit score per underlying loan type
Key Benefits
Up to $15,000 in down payment assistance (DPAL)
Below-market rates through SONYMA
Achieving the Dream program for lower-income buyers
Available statewide including NYC metro area
Competitive rates for all income levels
Homebuyer education resources provided
Ready to Get Started?
Talk to a loan officer today. We'll review your situation and find the best program for you — no obligation.