Your Guide to Mortgage Assistance Programs in New York

SONYMA

The State of New York Mortgage Agency (SONYMA) helps provide home loans to low- and moderate-income borrowers. These programs offer competitive interest rates, low down payment costs, and more. 

Low Interest Rate

Considered the standard SONYMA loan program, Low Interest Rate was created for first-time homebuyers. 

The low interest rate program offers small down payment requirements while providing competitive interest rates.

Program Highlights: 

• Financing up to 97%
• No mortgage points or prepayment fees
• Rate lock up to 120 for existing homes, 240 days for properties under construction 
  
  

Eligibility requirements: 

• Must be a first-time homebuyer
• Must meet credit and income requirements
• Property must be located in New York State
• Property cannot exceed SONYMA’s geographical sales price limits 
• Property type and usage limits apply 

Achieving the Dream

Designed to maximize affordability, Achieving the Dream offers significantly low interest rates and minimal down payment requirements for low-income families. 

Program Highlights: 

• Up to 97% financing
• No mortgage points or prepayment fees
• Rate lock up to 120 days for existing homes, 240 days for properties under construction 

Eligibility requirements: 

• Must be a first-time homebuyer
• Must meet credit and income requirements
• Property must be located in New York State
• Property cannot exceed SONYMA’s geographical sales price limits 
• Property type and usage limits apply 

Find Out if You Qualify for Homebuyer Assistance in Your State Today

Working with an experienced and trusted loan officer will help determine your eligibility for affordability programs offered in your state. Give us a call or visit us online to find the best program for your family today.