New York Mortgage Assistance Programs

NJ Lenders Corp.

Explore Mortgage Assistance Programs in New York SONYMA The State of New York Mortgage Agency

Explore Mortgage Assistance Programs in New York

SONYMA

The State of New York Mortgage Agency (SONYMA) offers specialized mortgage assistance programs to support low- and moderate-income borrowers in New York. 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. This program offers competitive interest rates with small down payment requirements.

Key Features: 

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

Eligibility requirements: 

• Must be a first-time homebuyer or not have owned a primary home in the past three years
• Meet credit and income requirements
• Property must be located in New York State
• Property value should not exceed SONYMA’s geographical sales price limits
• Certain property type and usage restrictions apply

Achieving the Dream

Designed to maximize affordability, Achieving the Dream was designed to enhance affordability for low-income families seeking homeownership in New York. 

Achieving the Dream offers significantly lower interest rates and minimal down payment requirements.

Key Features: 

• 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, or someone who has not owned a primary home in the past three years 
• 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

Check Your Eligibility for Mortgage Assistance in New York Today

Connect with an experienced loan officer to explore the best New York mortgage assistance options for your family today.