Downpayment programs for home buyers in New York

New York is a vibrant state with endless possibilities, but buying your first home here can feel daunting, especially with the hurdle of a down payment.

But, good news is that there are several downpayment assistance programs available for aspiring home buyers

Whether you're a first-time buyer or looking to make a move up, these programs can bridge the gap between your savings and your dream home. Let's explore some of the best down payment assistance programs in New York State:

1. SONYMA Down Payment Assistance Programs (DPAL & DPAL Plus):

The New York Mortgage Agency (SONYMA) offers two of the most popular programs:

• SONYMA DPAL: This forgivable loan program provides up to $3,000 towards your down payment and closing costs. There's no monthly payment, and the loan is forgiven entirely after ten years of continuous residency in the home.

• SONYMA DPAL Plus: This program caters to low- and moderate-income first-time homebuyers, offering a forgivable loan of up to $15,000 for down payment and closing cost assistance.

Eligibility: Both DPAL programs require using a SONYMA mortgage and completing a homeownership counseling course. Income limits and other restrictions may apply. Search for SONYMA DPAL program for details.

2. HomeFirst Down Payment Assistance Program (NYC):

New York City residents can benefit from HomeFirst, offering a forgivable loan of up to a staggering $100,000! This program is available for the purchase of a one-to-four family home, condo, or co-op in any of the five boroughs.

Eligibility: HomeFirst is open to first-time homebuyers within specific income limits. Homeownership counseling is mandatory. Find out more at NYC HomeFirst Program

3. New York Mortgage Coalition Down Payment and Closing Cost Assistance:

The New York Mortgage Coalition (NYMC) partners with the state to offer a variety of programs, including:

• First Home Club: This matched savings account program helps you build your down payment. NYMC contributes $4 for every $1 you save, up to $1,875.

• Closing Cost Assistance Grants: These grants can provide up to $1,500 towards closing costs, depending on your income and location.

Eligibility: Programs offered by NYMC typically have income limitations and specific property type requirements. Visit NYMC Down Payment Assistance for details.

Additional Down Payment Resources:

• Federal Housing Administration (FHA) Loans: FHA loans allow for a down payment as low as 3.5%. Explore FHA loan requirements to see if you qualify.

• USDA Rural Development Loans: These zero-down-payment loans are available for eligible properties in rural areas. Learn more at USDA Rural Development loan program.

Remember:

• Consult a Mortgage Professional: A qualified mortgage professional can help you determine which program best suits your needs and navigate the application process.

• Shop Around: Compare programs from different lenders to find the best interest rates and terms.

• Consider Your Long-Term Goals: While down payment assistance can be a lifesaver, ensure your monthly mortgage payment remains comfortable within your budget.

  
  

Send us an email or contact us today to discuss your options and get pre-qualified for a mortgage with down payment assistance. Our team can guide you through the process and help you find the program that best fits your needs.