New York First-Time Home Buyer Programs and Assistance

State of New York Mortgage Agency (SONYMA), NYS Homes and Community Renewal currently lists 8 programs for New York buyers, with down payment help up to $30,000 through DPAL PLUS 2026. Figures below were read from the agency's own pages on September 11, 2026.

New York first-time buyer programs open now

State of New York Mortgage Agency (SONYMA), NYS Homes and Community Renewal is the state's housing finance agency (homebuyer programs page). It runs 3 down payment or closing-cost assistance programs alongside 5 below-market first mortgages. SONYMA's standard first mortgage programs (Achieving the Dream, Low Interest Rate) are generally for first-time homebuyers;

Program	Type	Amount	First-time only	Min. credit	Income limit
Down Payment Assistance Loan (DPAL) source	Forgivable second loan	Minimum $1,000; maximum 3% of the purchase price (up to $15,000) or $3,000, whichever is highest	No	n/a	See program page
DPAL PLUS 2026 source	Second mortgage	Up to $30,000 to pay down payment, closing costs and single premium mortgage insurance until the purchase-money mortgage reaches 80% LTV	No	n/a	Maximum household income of 60% of Area Median Income (AMI)
Achieving the Dream Program source	First mortgage	See program page	Yes	n/a	See program page
Low Interest Rate Program source	First mortgage	See program page	No	n/a	See program page
Homes for Veterans source	First mortgage	See program page	No	n/a	See program page
Graduate to Homeownership source	First mortgage	See program page	No	n/a	See program page
RemodelNY Program source	Program	See program page	No	n/a	See program page
Manufactured Home Loan Program source	First mortgage	See program page	No	n/a	See program page

Down Payment Assistance Loan (DPAL). Terms: 0% interest, no monthly payments, forgiven after 10 years; interest rate on the paired first mortgage is 0.40% higher when a DPAL is attached (except Graduate to Homeownership, Homes for Veterans, and ENERGY STAR programs) Must pair with: Any SONYMA first mortgage program Program page
DPAL PLUS 2026. Terms: Enhanced, limited down payment assistance loan; funded through Governor Hochul's $25 billion Housing Plan; must be applied after other subsidies/grants when combined Must pair with: A SONYMA participating lender's mortgage Program page
Achieving the Dream Program. Terms: 30-year fixed mortgage; SONYMA's lowest available interest rates; low fees, flexible down payment options; can be combined with other grants or subsidies Program page
Low Interest Rate Program. Terms: 30-year fixed-rate mortgage; lower down payment requirement; covers 1-4 family homes, condos, co-ops, and manufactured homes Program page
Homes for Veterans. Terms: Lower interest rates and down payment assistance for veterans, active service members, and their spouses Program page
Graduate to Homeownership. Terms: Low-interest mortgage and down payment assistance for recent college graduates; can combine with other SONYMA grants and programs Program page
RemodelNY Program. Terms: Finances home purchase plus eligible repairs in one mortgage; combinable with Low Interest Rate and Achieving the Dream programs, Homes for Veterans, or historic home tax credit benefits Program page
Manufactured Home Loan Program. Terms: For purchase, refinance, or siting of a manufactured home permanently affixed to a foundation on owned or leased land; low rates, down payment assistance, flexible terms Program page

City and county programs in New York

Local governments run their own down payment funds on top of the state programs. These can be combined with a state loan in most cases; each has its own income limit and area.

New York City (HPD): HomeFirst Down Payment Assistance Program. Up to $100,000 toward down payment or closing costs. Forgivable second loan. Income limit: Maximum household income up to 120% AMI: $142,560 (1-person) to $268,680 (8-person household), effective 6/1/26. First-time buyers only. Official page

How little you can put down

You do not need 20% down. Conventional loans go as low as 3% (through programs like Fannie Mae HomeReady and Freddie Mac Home Possible), FHA loans start at 3.5%, and VA and USDA loans can require nothing down. On New York's median-priced home (about $595,900), 3% down is roughly $17,877. Putting 20% down lets you skip private mortgage insurance, but most first-time buyers put down far less.

Who counts as a first-time buyer

For most programs, a first-time buyer is anyone who has not owned a primary residence in the last three years, so many repeat buyers qualify again. New York programs often add income and purchase-price limits, which is another reason to confirm the details with New York State Homes and Community Renewal (HCR).

Stack a buyer rebate on top in New York

Down-payment assistance and a buyer commission rebate are two different things, and in New York you can use both. Assistance from New York State Homes and Community Renewal (HCR) helps with your down payment and closing costs; a buyer rebate returns about 2% of the price to you at closing (roughly $11,918 on a median-priced home), which can cover much of your closing bill.

See New York buyer rebates → See New York closing costs →

You may qualify for more help in your county

City and county governments in New York run their own down payment programs on top of the state ones, and most can be combined with a state loan. Each county page lists the local programs, income limits and local closing costs alongside the state programs:

Kings County: local help up to $100,000
New York County: local help up to $100,000
Queens County: local help up to $100,000

Frequently asked questions

What first-time home buyer programs are available in New York?

State of New York Mortgage Agency (SONYMA), NYS Homes and Community Renewal lists 8 programs: Down Payment Assistance Loan (DPAL), DPAL PLUS 2026, Achieving the Dream Program, Low Interest Rate Program, Homes for Veterans, Graduate to Homeownership, RemodelNY Program, Manufactured Home Loan Program. Down payment help runs up to $30,000. New York City (HPD) also run local down payment programs.

How much down payment assistance can you get in New York?

Up to $30,000 through DPAL PLUS 2026 (second mortgage). Other New York programs offer different amounts; see the table on this page for each one.

Do you have to be a first-time buyer to qualify in New York?

Not for every program. 7 of 8 New York programs are open to repeat buyers. SONYMA's standard first mortgage programs (Achieving the Dream, Low Interest Rate) are generally for first-time homebuyers; Graduate to Homeownership and Homes for Veterans have their own eligibility (recent graduate / veteran or service member status). Specific 3-year lookback definition not stated on the pages fetched.

How much down payment do you need in New York?

As little as 3% on a conventional loan, 3.5% on an FHA loan, and 0% on VA or USDA loans. On New York's median-priced home (about $595,900), 3% is roughly $17,877. You do not need 20% down, though 20% lets you avoid mortgage insurance.

Who counts as a first-time home buyer?

For most programs, a first-time buyer is anyone who has not owned a primary residence in the last three years. Some New York programs also have income and purchase-price limits, so check with New York State Homes and Community Renewal (HCR).

Can I combine assistance with a buyer rebate in New York?

Yes. A buyer commission rebate is separate from down-payment assistance and is legal in New York. Assistance helps with your down payment and closing costs up front; a rebate returns about 2% of the price at closing, which you can put toward closing costs. You can use both.

Official sources

New York program details last verified against New York State Homes and Community Renewal (HCR) on September 11, 2026.

Read the full guide to the cash you need to buy →

This is general information, not financial advice. Program details, limits, and loan terms change; confirm the current rules with New York State Homes and Community Renewal (HCR) and your lender before you rely on them.

See first-time buyer programs in all states