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 July 2026·4 programs·6 federal programs
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.
Enhanced down payment assistance up to $30,000 for lower-income first-time buyers (60% AMI or below). The 2026 round opened July 1, 2026, first-come first-served.
Income limit
Household income at or below 60% AMI
Minimum credit score620
First-time buyer requiredYes
Special requirements: Must use SONYMA first mortgage. Homebuyer education required. Round-based funding - confirm availability.
Low down payment mortgage with reduced mortgage insurance. Allows income from non-borrower household members. A $2,500 credit for very-low-income borrowers (50% AMI or less) is available through early 2027 when at least one borrower is a first-time buyer.
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.
