First Time Home Buyer Programs - New York


Live in New York and need a little help buying your first home? The State of New York Mortgage Agency (SONYMA) offers mortgage programs as well as credit certificates to assist first-time homebuyers.

The State of New York Mortgage Agency

The State of New York Mortgage Agency (SONYMA) offers six mortgage programs as well as mortgage credit certificates, to assist first-time homebuyers with the purchase of a home in New York State.

These six mortgage programs feature:

  • Competitive interest rates
  • Low down payment requirements
  • Flexible underwriting guidelines
  • No prepayment penalties
  • Closing cost assistance
  • Mortgage credit certificates feature a federal income tax credit

Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.

Mortgage Credit Certificates

Lower your annual Federal taxes!  Used in conjunction with a participating lender's fixed-rate mortgage product, SONYMA's mortgage credit certificates provide a dollar-for-dollar tax credit equal to 20% of the borrower's annual mortgage interest costs when filing their Federal income tax return.

Read more about Mortgage Credit Certificates

Homes for Veterans Program

The homes for Veteras Program is specifically designed for military veterans. This program allows a qualified veteran to apply for any of the SONYMA programs with even more favorable terms.

Read more about the Homes for Veterans Program

Remodel New York Program

The Remodel New York Program provides first-time homebuyers the opportunity to buy an existing home and finance the cost of renovating it with one low, fixed rate mortgage.

You do not have to be a first time homebuyer to be eligible for this program if you are buying a home in a Target Area.

Read more about the Remodel New York Program

Achieving the Dream Program

Available to lower income first-time homebuyers, SONYMA's Achieving the Dream Mortgage Program features low downpayment mortgage financing and lower interest rates than other SONYMA programs.

Read more about the Achieving the Dream Program

Construction Incentive Program

First-time homebuyers can use the Construction Incentive Program to buy a home under construction or rehabilitation. The program features 100% financing.

You do not have to be a first time homebuyer to be eligible for this program if you are buying a home in a Target Area.

Read more about the Construction Incentive Program

Low Interest Rate Program

SONYMA's Low Interest Rate Mortgage Program offers low and moderate income first-time homebuyers low down payment financing for the purchase of a newly constructed or existing home.

You do not have to be a first time homebuyer to be eligible for this program if you are buying a home in a Target Area.

Read more about Low Interest Rate Program

Target Areas

Federal law permits SONYMA to provide special incentives for applicants purchasing homes in Federally designated Target Areas. These incentives are:

  • You do not have to be a first-time homebuyer.
  • You can make more income and purchase more home since the household income and home purchase price limits are higher.
  • You can purchase a two family home that is a newly constructed or is an existing home that is less than 5 years old.

Read more about Target Areas

Incentives for Purchasers of Energy Star® Labeled Homes

SONYMA's Construction Incentive Program and Achieving the Dream Program offers special savings to homebuyers who purchase new energy efficient homes under the New York Energy Star® Labeled Homes Program.

Read more about Energy Star® Incentives

Other Local New York Home Loan Resources

New York also has several first time home buyer and other home loan programs available through city, county, and other state agencies. Find a local New York home buyer program that is right for you on the official New York HUD website.

Related Articles

Source: The State of New York Mortgage Agency
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