Down payment assistance, grants, forgivable loans, and tax credits available to New York buyers. Each program below is verified, with eligibility rules, benefit amounts, and a direct link to the official agency.
Last reviewed September 2026·5 programs·6 federal programs
Administered by State of New York Mortgage Agency (SONYMA)
Up to 5% of net purchase price (minimum $3,000)
Interest-free, deferred-payment second mortgage available with any SONYMA first mortgage to cover down payment, closing costs and/or single-premium mortgage insurance for transactions over 80% LTV. 0% interest, no monthly payments; repaid in full when the home is sold, the first mortgage is refinanced, or the first mortgage is paid off. First mortgages with an RSL carry a 0.40% higher interest rate (waived for Graduate to Homeownership, Homes for Veterans and ENERGY STAR programs). SONYMA will not subordinate the RSL to another mortgage or HELOC.
Income limit
Follows the income limits of the SONYMA first-mortgage program used (Achieving the Dream, Low Interest Rate, etc.).
First-time buyer requiredYes
Special requirements: Minimum buyer cash contribution of 1% of the property value (3% for cooperatives and 3-4 family homes); owner-occupancy; must be paired with a SONYMA first lien through a participating lender.
View official program page
Apply through a SONYMA participating lender when applying for the SONYMA first mortgage.Verified September 2026
HomeFirst Down Payment Assistance
Administered by NYC Housing Preservation & Development
Lesser of 20% of purchase price or $100,000
Forgivable loan of up to $100,000 toward down payment or closing costs on a 1-4 family home, condo or co-op in NYC. Owner-occupancy requirement is 10 years for loans of $40,000 or less and 15 years for loans above $40,000 (City-funded loans 15 years regardless). Buyer must contribute at least 3% of the purchase price from own funds, complete an HPD-approved homebuyer education course, and be a first-time buyer.
Income limit
Household income up to 120% AMI: $142,560 (1 person) to $268,680 (8 persons), effective 6/1/2026.
Minimum credit score640
First-time buyer requiredYes
Special requirements: Must purchase in one of the five NYC boroughs. Must be first-time buyer.
Higher of $3,000 or 3% of purchase price (max $15,000)
Down payment assistance at 0% interest with no monthly payments, forgiven after 10 years (prorated recapture if you sell or refinance sooner). Adds 0.40% to the first-mortgage rate (waived for Homes for Veterans and some other SONYMA programs).
Income limit
Income limits vary by county - up to $172,000 in high-cost areas
Minimum credit score620
First-time buyer requiredYes
Special requirements: Must complete homebuyer education. Must use SONYMA first mortgage.
DPAL PLUS 2026: enhanced SONYMA down payment assistance of up to $30,000 (applied after all other subsidies to cover down payment and closing costs until the first mortgage reaches 80% LTV, or single-premium MI above 80% LTV). 0% interest on the DPAL; first-mortgage rate increased 0.40%; forgiven in equal monthly installments over 10 years of occupancy. $7.5 million total funding, first-come first-served statewide, launched July 1, 2026; program ends when funds are depleted.
Income limit
Household income at or below 60% AMI per the DPAL PLUS 2026 income table (e.g., NYC/Westchester/Rockland/Putnam $122,110 for 1-2 persons and $142,460 for 3+; Nassau/Suffolk $118,290/$138,010; most upstate counties $67,140/$77,210 non-target). Purchase price limit $500,000.
Minimum credit score620
First-time buyer requiredYes
Special requirements: Must use SONYMA first mortgage. Homebuyer education required. Round-based funding - confirm availability.
3% minimum down payment with no minimum borrower contribution; income at or below 80% AMI (2026 AMIs effective June 13, 2026); reduced, cancellable mortgage insurance; $2,500 credit for very low-income first-time buyers on loans purchased through February 28, 2027.
Do I have to be a first-time homebuyer to qualify?
Most New York programs require first-time buyer status, but the definition is broader than most people think — the IRS considers you a first-time buyer if you haven't owned a primary residence in the last three years. Each program above lists its specific rules.
What credit score do I need?
Minimum credit scores vary by program. Most New York programs require 620 to 660, though some lower-tier products accept lower scores with manual underwriting. Check each program's eligibility section above.
How do I actually apply?
Most state programs aren't applied to directly — you go through a participating lender, who handles the program application as part of your mortgage. Each program above links to the official agency page with the current list of approved lenders.
Can I combine multiple programs?
Often yes — many states allow you to stack a state down-payment grant with a federal FHA or VA loan. Some programs explicitly forbid combining; check each program's "special requirements" above.
Do these programs cost anything?
The programs themselves are free to apply for. Some require completing a homebuyer education course (typically $50–$100, sometimes free). Forgivable second mortgages technically don't cost you unless you sell or refinance early — read the terms carefully.
