New York Down Payment Assistance
New York Down Payment Assistance Programs
A guide to current down payment assistance options in New York, including the state Housing Finance Agency, well-known city and county programs, and live DPA mortgage pricing for New York homebuyers.
New York Housing Finance Agency
State of New York Mortgage Agency (SONYMA)
hcr.ny.gov/sonyma1-800-382-4663
SONYMA administers the primary DPA programs for New York. Program details below are current as of April 23, 2026 - confirm current terms directly with SONYMA before applying.
Statewide DPA Programs in New York
Achieving the Dream
SONYMA
30-year fixed-rate first mortgage at SONYMA's lowest available interest rate for lower-income first-time homebuyers and eligible veterans. May be combined with the DPAL.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Income: Lower-income tier; see SONYMA income schedule.
- Homebuyer education required
Source: hcr.ny.gov
Low Interest Rate Program
SONYMA
30-year fixed-rate first mortgage for first-time homebuyers at a below-market rate. May be combined with the DPAL.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Homebuyer education required
Source: hcr.ny.gov
Down Payment Assistance Loan (DPAL)
SONYMA
0% interest, no-payment second mortgage. Minimum $1,000; maximum is the greater of $3,000 or 3% of purchase price (up to $15,000). Forgiven after 10 years of owner occupancy.
Paired with: Conventional, FHA, VA, USDA
- Primary residence only
- Homebuyer education required
Available with any SONYMA first mortgage. May be used toward down payment, closing costs, or mortgage insurance premium.
Source: hcr.ny.gov
DPAL Plus (Achieving the Dream)
SONYMA
Enhanced down payment assistance loan for low-income borrowers, above the standard DPAL amount. 0% interest, forgiven after 10 years.
Paired with: Conventional, FHA, VA, USDA
- First-time homebuyer: Required
- Primary residence only
- Income: Very low income tier; see SONYMA schedule.
- Homebuyer education required
Paired with SONYMA Achieving the Dream first mortgage. Subject to funding availability.
Source: hcr.ny.gov
RemodelNY
SONYMA
Purchase-plus-renovation first mortgage that finances the purchase price plus eligible repairs in one loan.
Paired with: Conventional, FHA
- First-time homebuyer: Required
- Primary residence only
- Homebuyer education required
Can be combined with Low Interest Rate, Achieving the Dream, Homes for Veterans, and the DPAL.
Source: hcr.ny.gov
Neighborhood Revitalization Program
SONYMA
Package of incentives for owner-occupant buyers purchasing and renovating vacant or distressed homes in eligible communities.
Paired with: Conventional, FHA
- Primary residence only
- Homebuyer education required
Paired with SONYMA Achieving the Dream. Eligible target communities are defined by SONYMA.
Source: hcr.ny.gov
Major City & County Programs in New York
HomeFirst Down Payment Assistance
NYC Department of Housing Preservation and Development (HPD) · New York City (all five boroughs)
Up to the lesser of 20% of purchase price or $100,000 as a 0% interest forgivable second mortgage toward down payment or closing costs.
Requires HPD-approved housing counseling, homebuyer education, a minimum 3% borrower contribution, and 15-year owner-occupancy for City-funded loans. Eligible property types: 1-4 family home, condo, or co-op.
Source: www.nyc.gov
New York Notes for Homebuyers
- New York is an attorney-closing state; expect attorney fees and NY mortgage recording tax.
- SONYMA programs are offered through participating lending partners statewide.
2026 Loan Limits in New York
Conforming (Conventional)
$806,500 baseline
Some New York counties qualify as high-cost, with limits up to $1,209,750.
FHA
$524,225 floor
Higher-cost New York counties can reach the FHA ceiling of $1,209,750.
Live DPA Pricing for New York
Pricing below is sourced live from hundreds of wholesale lenders for a New York scenario. Edit the inputs to match your situation.
FHA Down Payment Assistance
Up to 5% assistance; repayable second at first rate + 2% over 10 years
▸Program details
- ✓Minimum credit score: 580
- ✓Non-traditional credit also possible
- ✓Assistance up to 2.5%, 3.5%, or 5% of the lesser of purchase price or appraised value
- ✓Assistance can be used for down payment, closing costs, or both
- ✓Second lien: 10-year fixed, repayable
- ✓Second lien rate is 2% higher than the first mortgage rate
- ✓No first-time homebuyer requirement
- ✓No income cap
- ✓Purchase of primary residence only
- ✓Eligible properties: 1-unit residences, PUD, 2-4 units, FHA-approved condos, manufactured (single/double-wide)
- ✓DTI per AUS and FHA manual underwriting guidelines
- ✓First lien: FHA 30-year fixed
Assistance amount
Compare DPA options for New York with live pricing
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