{"id":22911,"date":"2026-01-16T18:00:32","date_gmt":"2026-01-16T18:00:32","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=22911"},"modified":"2026-01-16T18:00:56","modified_gmt":"2026-01-16T18:00:56","slug":"new-york-first-time-homebuyer-assistance-programs","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=22911","title":{"rendered":"New York First-Time Homebuyer Assistance Programs"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Andria Patino\/Getty Images\n        <\/p>\n<\/p><\/div>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<p>New York is one of the most expensive states to buy a home in the U.S., driven by high prices in New York City, Westchester and Long Island. As of Dec. 2025, the median home sales price has increased 3.6% from the year prior, according to Redfin, though that\u2019s down from a five-year high in July 2025. But even the Empire State has programs to address affordability challenges for would-be homeowners, including <u>first-time homebuyers<\/u>. Here\u2019s an overview.<\/p>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"heading-3 my-0 text-crop-none text-blue-700\">\n    New York housing market statistics<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"Callout-content text-gray-900 text-left wysiwyg m-0\">\n<ul>\n<li>Median home sales price, as of Dec. 2025 (Redfin): $561,100<\/li>\n<li>Median down payment, as of Oct. 2025 (ATTOM): $70,000<\/li>\n<li>Most affordable counties, as of Jan. 2026 (ATTOM): Allegany, Cattaraugas, Chemung, Chenango, St. Lawrence, Steuben<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<h2 id=\"homebuyer-loans\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"New York first-time homebuyer programs\" data-outcome=\"\">New York first-time homebuyer programs<\/h2>\n<p>The <u>State of New York Mortgage Agency (SONYMA)<\/u> offers several types of assistance programs listed below for first-time homebuyers \u2014 everyone from college grads to DIYers who need support restoring a home can find help. SONYMA defines first-time homebuyers as those who haven\u2019t owned a primary residence in three years and who don\u2019t currently own second homes here or abroad.<\/p>\n<h3>SONYMA Achieving the Dream<\/h3>\n<p>For low-income first-time homebuyers, the Achieving the Dream program provides access to low-cost, low down payment mortgage financing. Borrowers must meet certain credit, employment history, income and savings requirements to qualify. There is a 3% down payment requirement (with 1% of that required to be contributed by the borrower).<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Must be a first-time buyer or qualified veteran purchasing in a target area<\/li>\n<li>Home must be a primary residence<\/li>\n<li>Must complete a homebuyer education course<\/li>\n<li>Open to single- and multi-family homes, including condos and co-ops<\/li>\n<li>Must not exceed purchase price limits, which vary by region<\/li>\n<li>Must not exceed regional income limits, which vary by county<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Can be used with other state grants and subsidies with no limit<\/li>\n<li>Comes with a 120-day rate lock if you\u2019re buying an existing home or a 240-day lock for a home under construction.<\/li>\n<li>Open to multiple property types<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>Must contribute 1% of own funds toward down payment<\/li>\n<li>Property cannot be used for agricultural work<\/li>\n<li>Program funds are limited and available on a first-come, first-served basis<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA Low Interest<\/h3>\n<p>SONYMA\u2019s Low Interest program offers a lower <u>interest rate<\/u> on a fixed-rate mortgage for first-time homebuyers in New York State. The program is very similar to the Achieving the Dream program, with many of the same requirements and benefits. The major difference between the two programs is that SONYMA\u2019s Low Interest program has higher household income limits.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Must meet household income limits, which range from $105,200 to $218,680, depending on the household size and the home\u2019s location<\/li>\n<li>Must not exceed purchase price limits, which vary by region<\/li>\n<li>Home must be a primary residence<\/li>\n<li>Must complete a homebuyer education course<\/li>\n<li>Must be a first-time buyer, an eligible military veteran or buying in a target area<\/li>\n<li>Must complete a homebuyer education course<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Eligible properties include single- to four-family homes, condos, co-ops and manufactured homes<\/li>\n<li>Slightly higher income limit than other programs<\/li>\n<li>\u00a0Can be used with other state grants and subsidies with no limit<\/li>\n<li>Comes with a 120-day rate lock if you\u2019re buying an existing home or a 240-day lock for a home under construction<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>Must contribute 1% of own funds toward down payment<\/li>\n<li>Property cannot be used for agricultural work<\/li>\n<li>Program funds are limited and available on a first-come, first-served basis<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA Homes for Veterans<\/h3>\n<p>SONYMA can also help U.S. military veterans and service members buy homes through the Homes for Veterans program, which offers low-cost financing. This program is open to active-duty personnel, veterans and their spouses or co-borrowers, as well as members of the National Guard and reservists. There are no points or origination fees.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Must be an active-duty service member (including National Guard and reservists), veteran or a spouse or co-borrower<\/li>\n<li>Must be able to show the proper identification, including military ID card, Form DD214 and a leave and earning statement<\/li>\n<li>Must make a 3% down payment (just 1% from your own contributions; you can use a gift or other assistance source for the remaining 2%)<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>If you are a veteran (without a dishonorable discharge), you do not need to be a first-time homebuyer<\/li>\n<li>Reduced interest rates<\/li>\n<li>May be paired with down payment assistance<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>Must contribute 1% of own funds toward down payment<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA RemodelNY<\/h3>\n<p>RemodelNY provides financing to first-time homebuyers who purchase homes that need repairs. Borrowers can receive financing for the home purchase and renovation, and financing is available for existing one- to four-family homes.<\/p>\n<p>Although you won\u2019t be able to pay for luxury upgrades under this program, it does cover a wide range of repairs. These repairs include structural reconstruction, updates that improve the home\u2019s functionality and the elimination of safety hazards.<\/p>\n<p><strong>Program features<\/strong>:<\/p>\n<ul class=\"wp-block-list\">\n<li>Borrowers can get financing of up to 97% of the \u201cafter improved\u201d appraised value or purchase price, plus eligible repairs.<\/li>\n<li>Financing includes $1,000 minimum eligible repairs with no maximum repair amount.<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>You must use the SONYMA Low Interest Rate or Achieving the Dream programs to qualify<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Open to single- and multi-family homes, PUDs and condos<\/li>\n<li>No maximum repair amount<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>Does not cover luxury upgrades and improvements, such as a new swimming pool, tennis court or outdoor fireplace<\/li>\n<li>Cannot be used as a standalone form of financing but must be used with either the Low Interest Rate or Achieving the Dream programs<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA Graduate to Homeownership<\/h3>\n<p>Upstate New York college graduates can get help securing an affordable mortgage with their diploma thanks to the Graduate to Homeownership program. If you\u2019re a first-time homebuyer in New York who graduated within the last 48 months with an associate, bachelor\u2019s, master\u2019s or doctoral degree and make under the maximum income allowance, you might be eligible for this program.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-eligible-communities', 'heading-eligible-communities']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-eligible-communities')\" :aria-controls=\"$id('panel-eligible-communities')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Eligible communities<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-eligible-communities')\" :aria-labelledby=\"$id('heading-eligible-communities')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Capital Region (Albany, Glens Falls, Hudson)<\/li>\n<li>Central New York (Auburn, Cortland, Fulton, Oswego)<\/li>\n<li>Finger Lakes (Batavia, Geneva, Penn Yan)<\/li>\n<li>Mid-Hudson (Kingston, Middletown, New Rochelle, Peekskill)<\/li>\n<li>Mohawk Valley (Amsterdam, Oneonta, Rome)<\/li>\n<li>North Country (Plattsburgh, Saranac Lake, Watertown)<\/li>\n<li>Southern Tier (Elmira, Watkins Glen)<\/li>\n<li>Western New York (Jamestown, Lockport, Niagara Falls Bridge District, Olean)<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Must be a first-time homebuyer<\/li>\n<li>Home must be a primary residence<\/li>\n<li>Must purchase in an approved county and town<\/li>\n<li>Must have graduated within four years from an academic program recognized by the U.S. Department of Education<\/li>\n<li>Must meet criteria such as having stable employment<\/li>\n<li>Must meet regional income limits, which vary by county<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Reduced interest rates<\/li>\n<li>Can be combined with other SONYMA programs, such as RemodelNY and down payment assistance<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>You must buy in an approved community to participate<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h2 id=\"down-payment-assistance\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"New York down payment assistance and grants\" data-outcome=\"\">New York down payment assistance and grants<\/h2>\n<p>If you get a loan through the NYS housing authority, you may be able to qualify for help with the down payment, too.<\/p>\n<h3>SONYMA Down Payment Assistance Loan (DPAL)<\/h3>\n<p>The DPAL program offers eligible borrowers down payment assistance via a second mortgage, provided you use it in conjunction with a current SONYMA program. Borrowers can also use these funds to pay for any applicable mortgage insurance premiums. The minimum assistance given is $1,000; the maximum is 3% of the purchase price up to $15,000, or $3,000, whichever is higher.<\/p>\n<p>DPAL borrowers pay no interest or monthly payments. The main attraction is that the loan is forgiven after 10 years if the borrower keeps SONYMA funding in place and lives in the home.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Forgivable loan with zero interest<\/li>\n<li>No monthly payments<\/li>\n<li>Funds can be used for mortgage insurance premiums<\/li>\n<li>Can be used for down payment and closing costs<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>If you sell the home or refinance before 10 years, you\u2019ll need to repay the loan<\/li>\n<li>Using down payment assistance comes with a higher interest rate on your first-time loan<\/li>\n<li>Must make a 1% contribution to down payment from your own funds<\/li>\n<li>Not all participating SONYMA lenders offer this down payment assistance<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA Conventional Plus<\/h3>\n<p>SONYMA\u2019s Conventional Plus Program is practically a one-stop shop for mortgage options. It combines Fannie Mae\u2019s HomeReady mortgage with <u>down payment assistance<\/u> in just one application. Additionally, existing homeowners can use this program to refinance.<\/p>\n<p>If you are considering this loan, run the property address through the <u>FNMA HomeReady Eligibility Tool<\/u> to determine the income limit for the area.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Open to first-time and repeat homebuyers<\/li>\n<li>Funds can be put toward the down payment, closing costs and an upfront single mortgage insurance premium (which would eliminate monthly mortgage insurance payments)<\/li>\n<li>Lower monthly payment than a conventional mortgage<\/li>\n<li>Multiple property types accepted<\/li>\n<li>No borrower contribution toward the down payment required<\/li>\n<li>No loan-level price adjustments<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>The maximum loan amount for a one-family home is $647,200, which may not be enough in more expensive areas of the state<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>SONYMA FHA Plus<\/h3>\n<p>Both first-time and previous homebuyers in New York can take advantage of FHA Plus, which allows borrowers to combine down payment assistance with an FHA loan for a primary residence. Maximum loan amounts vary by county.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros<\/p>\n<ul>\n<li>Open to first-time and repeat homebuyers<\/li>\n<li>Can be used toward down payment and closing costs<\/li>\n<li>Single- and multi-family homes are eligible<\/li>\n<\/ul>\n<p>Cons<\/p>\n<ul>\n<li>Manufactured homes and co-ops not eligible property types<\/li>\n<li>Home must be appraised by an assigned state-certified FHA-approved appraiser<\/li>\n<li>Must contribute 1% of down payment from own funds<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h2 id=\"city-programs\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"City-specific homebuyer assistance programs in New York\" data-outcome=\"\">City-specific homebuyer assistance programs in New York<\/h2>\n<p>Beyond the state\u2019s offerings, homebuyer assistance could be available in the city, town or county you plan to live in, so be sure to research any local programs. Here are a few examples.<\/p>\n<h3>New York City HomeFirst Down Payment Assistance Program<\/h3>\n<p>Owning a home in New York City is a dream for many, but it can be an elusive one because Big Apple real estate is costly. The HomeFirst Down Payment Assistance Program can help that dream become reality. The program provides eligible first-time homebuyers up to $100,000 toward a down payment or closing costs.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li>Must purchase in one of the five NYC boroughs<\/li>\n<li>Must be a first-time homebuyer<\/li>\n<li>Must complete a homebuyer education course<\/li>\n<li>Must use their savings for any additional down payment and closing costs<\/li>\n<li>Have a maximum household income of up to 120% of the area median income (AMI)<\/li>\n<li>Must not exceed purchase price limits, which vary by county<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Pros:<\/p>\n<ul>\n<li>You can qualify for up to $100,000 in assistance<\/li>\n<li>Multiple property types are eligible<\/li>\n<\/ul>\n<p>Cons:<\/p>\n<ul>\n<li>Must occupy the home as your principal residence for 15 years for loan forgiveness if your loan is greater than $40,000 (or 10 years for smaller amounts)<\/li>\n<li>Can be used toward the down payment or closing costs \u2014 not both<\/li>\n<li>Must contribute 1% of the down payment from your own funds<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>Federal Home Loan Bank of New York, Homebuyer Dream Program<\/h3>\n<p>The Federal Home Loan Bank of New York (FHLB of NY) offers a few programs to help its low-income members become homeowners across North America. The Homebuyer Dream Program offers forgivable grants of up to $30,000 to first-time homebuyers.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-requirements', 'heading-requirements']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-requirements')\" :aria-controls=\"$id('panel-requirements')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Requirements<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-requirements')\" :aria-labelledby=\"$id('heading-requirements')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">Must meet income requirements (at or below 80% of the area median income)<\/li>\n<li dir=\"ltr\" aria-level=\"1\">Must live in the home as your principal residence<\/li>\n<li dir=\"ltr\" aria-level=\"1\">Must be members of the Federal Home Loan Bank of New York<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-pros-and-cons', 'heading-pros-and-cons']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-pros-and-cons')\" :aria-controls=\"$id('panel-pros-and-cons')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Pros and cons<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-pros-and-cons')\" :aria-labelledby=\"$id('heading-pros-and-cons')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p dir=\"ltr\">Pros<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">Funds can be used toward down payment, closing costs and homebuyer counseling services<\/li>\n<li dir=\"ltr\" aria-level=\"1\">The loan is forgiven after five years in the home<\/li>\n<li dir=\"ltr\" aria-level=\"1\">Over 100 participating lenders<\/li>\n<\/ul>\n<p dir=\"ltr\">Cons<\/p>\n<ul>\n<li dir=\"ltr\" aria-level=\"1\">Must be a member of Federal Home Loan Bank or New York to qualify<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h2 id=\"other-loans\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Other New York first-time homebuyer loans\" data-outcome=\"\">Other New York first-time homebuyer loans<\/h2>\n<p>On a national level, there are loans geared toward first-time homebuyers that New Yorkers can take advantage of. Some of the loans you can explore include:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>FHA loans<\/strong><strong>: <\/strong>Loans insured by the Federal Housing Administration (FHA) have more lenient financial requirements than other loans. You can get an FHA loan with 3.5% down and a credit score as low as 580.<\/li>\n<li>\n<strong>VA loans<\/strong><strong>: <\/strong>For active-duty military, veterans and surviving spouses, a loan guaranteed by the U.S. Department of Veterans Affairs (VA) is a great option. These loans typically come with lower interest rates and don\u2019t require a down payment.<\/li>\n<li>\n<strong>USDA loans<\/strong><strong>: <\/strong>Loans guaranteed by the U.S. Department of Agriculture (USDA) also require no down payment, but you\u2019ll need to buy in a designated rural area and meet area-specific requirements.<\/li>\n<li>\n<strong>HomeReady and Home Possible loans: <\/strong>HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They\u2019re specifically for first-time homebuyers, requiring only 3% down and having more flexible income requirements.<\/li>\n<\/ul>\n<h2 id=\"get-started\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Get started\" data-outcome=\"\">Get started<\/h2>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Research the New York state market: <\/strong>Research New York\u2019s housing market before you start your house hunt. Doing so gives you a better picture of where you can afford to buy and what first-time homebuyer assistance programs are available in those areas.<\/li>\n<li>\n<strong>Investigate first-time homebuyer assistance programs<\/strong>: It\u2019s smart to read up on first-time homebuyer loans and assistance available nationally to see what else you could qualify for.<\/li>\n<li>\n<strong>Research mortgage lenders<\/strong>: SONYMA doesn\u2019t issue loans or make application decisions, but they have a vetted list of approved lenders<span style=\"font-size: revert; letter-spacing: -0.015625rem;\">. Talk to individual lenders and <\/span>read their reviews<span style=\"font-size: revert; letter-spacing: -0.015625rem;\"> online to find the best fit for you.<\/span>\n<\/li>\n<li>\n<strong>Shop around for <\/strong><strong>mortgage rates<\/strong><strong>: <\/strong>The Empire State has hundreds of mortgage lenders. Make sure to compare New York mortgage rates and quotes you receive so you can choose the most competitive offer.<\/li>\n<li>\n<strong>Purchase homeowners insurance<\/strong>: When you buy your first home in New York, you\u2019ll need to get homeowners insurance. You should look for homeowners insurance in New York by comparing highly rated insurers\u2019 offerings, from customer service to types of coverage, to find the most affordable option.<\/li>\n<\/ul>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-explore-other-first-time-homebuyer-programs-by-state', 'heading-explore-other-first-time-homebuyer-programs-by-state']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-explore-other-first-time-homebuyer-programs-by-state')\" :aria-controls=\"$id('panel-explore-other-first-time-homebuyer-programs-by-state')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Explore other first-time homebuyer programs by state<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"inHE5VVQJQ\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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Icon<\/default:title><default:path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 1.227.065.14.183.248.323.323.151.075.603.075 1.227.075h.16c.625 0 1.078 0 1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" 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href=\"https:\/\/www.bankrate.com\/mortgages\/new-york-first-time-homebuyer-assistance-programs\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Andria Patino\/Getty Images New York is one of the most expensive states to buy a home in the U.S., driven by high prices in New York City, Westchester and Long Island. As of Dec. 2025, the median home sales price has increased 3.6% from the year prior, according to Redfin, though that\u2019s down from a<\/p>\n","protected":false},"author":1,"featured_media":22912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-22911","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York First-Time Homebuyer Assistance Programs | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Andria Patino\/Getty Images New York is one of the most expensive states to buy a home in the U.S., driven by high prices in New York City, Westchester and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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