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

First-time buyer rule is waived for eligible military veterans.

Source: hcr.ny.gov

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
• Income: Income and purchase price limits vary by county; see SONYMA schedule.
• Homebuyer education required

First-time buyer rule is waived for eligible military veterans and purchases in federally designated Target Areas. Funds are limited and first-come, first-served.

Source: hcr.ny.gov

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. Borrower must contribute at least 1% of the property value in cash (3% for co-ops and 3-4 family). A SONYMA first mortgage with a DPAL carries a 0.40% higher rate.

Source: hcr.ny.gov

Enhanced down payment assistance loan of up to $30,000 for down payment, closing costs, and single premium mortgage insurance (until the first mortgage reaches 80% LTV).

Paired with: Conventional, FHA, VA, USDA

• Primary residence only
• Income: Household income up to 60% of area median income.
• Homebuyer education required

Used with a SONYMA first mortgage. Applied after any other subsidies or grants. Statewide, first-come, first-served until funds run out. Repayment and forgiveness terms are set out in the HCR term sheet.

Source: hcr.ny.gov

0% interest, no-payment second mortgage. Minimum $3,000; maximum 5% of the net purchase price, not to exceed actual down payment and closing costs. Repaid on sale, refinance, or payoff of the first mortgage.

• Primary residence only

Available with any SONYMA first mortgage for low- and moderate-income buyers. Borrower must contribute at least 1% of the property value in cash (3% for co-ops and 3-4 family). A SONYMA first mortgage with an RSL carries a 0.40% higher rate.

Source: hcr.ny.gov

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

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

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.

First-time homebuyers with household income up to 120% AMI. Requires HPD-approved housing counseling, homebuyer education, and a minimum 3% borrower contribution. Owner-occupancy of 10 years for loans of $40,000 or less, 15 years above $40,000 or for City-funded loans. Eligible property types: 1-4 family home, condo, or co-op.

Source: www.nyc.gov