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HomeBank LoanNew York First-Time Homebuyer Packages

New York First-Time Homebuyer Packages


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The State of New York Mortgage Agency (SONYMA) offers assistance statewide to first-time homebuyers in New York. The HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $100,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in New York City. Read more

Program Eligibility

  • Be a first-time homebuyer
  • Complete a homebuyer education course taught by an HPD-approved counseling agency
  • Minimum down payment of 3% of the purchase price towards the home purchase
  • 1% of the funds must come from the buyer’s own funds
  • Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in New York City
  • Pass a Housing Quality Standards (HQS) inspection before purchase
  • Live in the home for at least:
    • 10 years if the loan received is less than or equal to $40,000
    • 15 years if the loan is greater than $40,000
  • Have a maximum household income up to 80% AMI:

Income Limits

  • 1 – Person Household $66,850
  • 2 – Person Household $76,400
  • 3 – Person Household $85,950
  • 4 – Person Household $95,450
  • 5 – Person Household $103,100
  • 6 – Person Household $110,750
  • 7 – Person Household $118,400
  • 8 – Person Household $126,000

HOME Purchase Price Limits*

  • County         1 – unit        2 – unit       3 – unit         4 – unit
  • Bronx           $523,000    $669,000    $810,000    $1,003,000
  • Kings           $580,000    $742,000    $898,000     $1,113,000
  • New York     $558,000    $715,000    $865,000     $1,072,000
  • Queens        $546,000    $699,000    $847,000     $1,049,000
  • Richmond   $521,000     $666,000    $807,000     $999,000

 

Down Payment Assistance Loan (DPAL) PLUS Program

Accruing enough assets to close on a new home is one of the largest barriers to homeownership. To address that need, SONYMA is offering a limited, enhanced down payment assistance loan, called DPAL PLUS. This subsidy is designed to help low-income New Yorkers achieve their homeownership dream. Read more

Eligibility

  • Owner-occupied only.
  • Must be a first-time homebuyer, OR US military veteran (excluding those dishonorably discharged), OR be purchasing a home in a federally designated targeted area.
  • Purchasing a 1-4 single-family home, condominium, cooperative, or manufactured home in New York State
  • Purchase limit is the lesser of the SONYMA County Purchase Price limit or $400,000
  • Complete homebuyer education before loan approval

 

National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

 

Helpful Resources

 

New York Resources

Getting Started

Buying a Home

Owning and Maintaining Your Home

Statewide and Regional Programs

Programs by City/Town

New York City

New York City homebuying resources
Neighborhood Housing Services of New York City

Bronx

Neighborhood Housing Services – North Bronx
1451 East Gun Hill Road, 2nd Floor
Bronx, NY 10469
Phone: (718) 881-1180
Fax: (718) 881-1190

Neighborhood Housing Services – South Bronx
848 Concourse Village West
Bronx, NY 10451
Phone: (718) 992-5959
Fax: (718) 992-6056

Brooklyn

Fifth Avenue Committee
621 DeGraw Street
Brooklyn, NY 11217
Phone: (718) 237-2017
Fax: (718) 237-5366

NHS of Bedford Stuyvesant
1012 Gates Ave.
Brooklyn, NY 11221
Phone: (718) 919-2100
Fax: (646) 792-4110

Neighborhood Housing Services (NHS) of Brooklyn CDC, Inc.
2806 Church Avenue
Brooklyn, NY 11226
Phone: (718) 469-4679
Fax: (718) 469-4743
Email

New York (Manhattan)

Asian Americans for Equality
2 Allen Street, 7th Floor
New York, NY 10002
Phone: (212) 964-2288
Fax: (212) 964-6003

Credit Where Credit Is Due
American Center for Credit Education (ACCE)
2310 N. Maple Ave.
Rapid City, SD 57701
Phone: (888) 830-3104
Email

Neighborhood Housing Services – Citywide
307 West 36th Street, 12th Floor
New York, NY 10018
Phone: (212) 519-2500

New York Mortgage Coalition
50 Broad Street, Suite 1402
New York, NY 10004
Phone: (212) 742-0762

Structured Employment Economic Development Corp. (Seedco)
22 Cortlandt Street, 33rd Floor
New York, NY 10007
Phone: (212) 473-0255
Fax: (212) 473-0357
Email

Queens

Neighborhood Housing Services – Jamaica
89-70 162nd Street
Jamaica, NY 11432
Phone: (718) 291-7400

Neighborhood Housing Services – Northern Queens
60-20 Woodside Avenue, 2nd Floor
Woodside, NY 11377
Phone: (718) 457-1017

Staten Island

Neighborhood Housing Services – Staten Island
1205 Castleton Avenue
Staten Island, NY 10310
Phone: (718) 442-8080

Long Island

Centereach

Community Development Corporation of Long Island
2100 Middle Country Road, Suite 300
Centereach, NY 11720
Phone: (631) 471-1215
Fax: (631) 471-3087
Email

Far Rockaway

Margert Community Corporation
325 Beach 37th Street
Far Rockaway, NY 11691-4103
Phone: (718) 471-3724
Fax: (718) 471-5342
Email

Hauppauge

Long Island Housing Partnership, Inc.
180 Oser Avenue
Hauppauge, NY 11788-3709
Phone: (631) 435-4710 x1
Fax: (631) 435-4751
Email

Patchogue

Economic Opportunity Council of Suffolk Inc.
31 West Main Street, Suite 300
Patchogue, NY 11772
Phone: (800) 300-4362
Toll-Free: (800) 300-4362
Fax: (631) 289-2178
Email

Hudson Valley

Kingston

Rural Ulster Preservation Company
8 Thompson Street
Catskill, NY 12414
Phone: (518) 943-5170
Email

Monticello

Rural Sullivan Housing Corporation
33 Lakewood Avenue
Monticello, NY 12701
Phone: (845) 794-0348
Fax: (845) 794-3042
Email

White Plains

Westchester Residential Opportunities, Inc.
470 Mamaroneck Avenue (main office)
White Plains, NY 10605
Phone: (914) 428-4507
Fax: (914) 428-9455

Yonkers

Westchester Residential Opportunities, Inc.
45 Ludlow Street
Yonkers, NY 10705
Phone: (914) 476-5510

Upstate New York

Albany

Affordable Housing Partnership
255 Orange Street
Albany, NY 12210
Phone: (518) 434-1730
Fax: (518) 434-1767
Email

Auburn

Cayuga County Homsite Development Corporation
60 Clark Street
Auburn, NY 13021-3343
Phone: (315) 253-8451
Fax: (315) 255-6114
Email

Buffalo

Belmont Shelter Corporation
1195 Main Street
Buffalo, NY 14209-2196
Phone: (716) 884-7791
Toll-Free: (800) 836-0335
Fax: (716) 884-8026
Email

Buffalo Urban League
15 East Genesee Street
Buffalo, NY 14203-1405
Phone: (716) 250-2400
Fax: (716) 854-8960
Email

West Side Neighborhood Housing Services, Inc.
359 Connecticut Street
Buffalo, NY 14213
Phone: (716) 885-2344 x15
Fax: (716) 885-2346
Email

Cortland

Cortland Housing Assistance Council, Inc.
159 Main Street
Cortland, NY 13045
Phone: (607) 753-8271
Fax: (607) 756-6267
Email

Elizabethtown

Housing Assistance Program of Essex County
103 Hand Ave., PO Box 157
Elizabethtown, NY 12932
Phone: (518) 873-6888
Fax: (518) 873-9102
Email

Geneva

Community Unified Today, Incorporated
152 Genesee Street
PO Box 268
Geneva, NY 14456
Phone: (315) 781-0534
Toll Free: (877) 819-0534
Fax: (315) 781-6309
Email

Ithaca

Ithaca Neighborhood Housing Services, Inc.
115 West Clinton Street
Ithaca, NY 14850
Phone: (607) 277-4500
Fax: (607) 277-4536
Email

Lyons

Community Action In Self Help, Inc.
48 Water Street
Lyons, NY 14489-1244
Phone: (315) 946-6992
Fax: (315) 946-3314
Email

Morrisville

Community Action Program for Madison County
3 East Main Street
PO Box 249
Morrisville, NY 13408
Phone: (315) 684-3144 x12
Toll Free: (800) 721-2271
Fax: (315) 684-9650
Email

Niagara Falls

Center City Neighborhood Development Corp.
1824 Main Street
Niagara Falls, NY 14305-2661
Phone: (716) 282-3738
Fax: (716) 282-9607
Email

Norwich

Opportunities For Chenango, Inc.
44 West Main Street
PO Box 470
Norwich, NY 13815-1613
Phone: (607) 334-7114
Fax: (607) 336-6958
Email

Penn Yan

Keuka Housing Council
160 Main Street
Penn Yan, NY 14527
Phone: (315) 536-8707
Fax: (315) 536-6169
Email

Rochester

Bishop Sheen Ecumenical Housing Foundation
935 East Avenue, Suite 300
Rochester, NY 14607-2216
Phone: (585) 461-4263
Fax: (585) 461-5177
Email

NeighborWorks Rochester
570 South Avenue
Rochester, NY 14620-1345
Phone: (585) 325-4170
Fax: (585) 325-2587
Email

Schenectady

Better Neighborhoods, Inc.
986 Albany Street
Schenectady, NY 12307
Phone: (518) 372-6469
Fax: (518) 372-6460
Email

Stamford

Western Catskills Community Revitalization Council, Inc.
125 Main Street, Box A
Stamford, NY 12167
Phone: (607) 652-2823
Fax: (607) 652-2825
Email

Syracuse

Home HeadQuarters, Inc.
990 James Street, Suite 100
Syracuse, NY 13203
Phone: (315) 474-1939
Fax: (315) 474-0637

Housing Visions Unlimited, Inc.
1201 East Fayette Street
Syracuse, NY 13210-1923
Phone: (315) 472-3820
Fax: (315) 471-3921

Utica

UNHS NeighborWorks
1611 Genesee Street
Utica, NY 13501
Phone: (315) 724-4197 x226
Toll-Free: (866) 724-4197
Fax: (315) 724-1415
Email

Voorheesville

Albany County Rural Housing Alliance, Inc.
24 Martin Road
Voorheesville, NY 12186
Phone: (518) 765-2425
Fax: (518) 765-9014
Email

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