First-Time Home Buyer Programs in New York

State of New York Mortgage Agency (SONYMA) Programs:

Achieving the Dream:

Eligibility: Targets first-time homebuyers (no homeownership in the past three years) with low to moderate income.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with low interest rates; can be paired with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $114,240 for a 1-2 person household in Erie County, $171,360 in NYC as of 2025).
• Minimum credit score of 620 (varies by loan type).
• Debt-to-income ratio capped at 45% (50% with compensating factors).
• Homebuyer education course required.
• Purchase price limit of $510,400 (non-targeted areas) or $623,600 (targeted areas).

Down Payment Assistance Loan (DPAL):

Benefits: Offers up to $30,000 (standard and DPAL PLUS ATD) or 20% of the purchase price (whichever is less) as a 0% interest deferred loan (repayable upon sale or refinance); available with all SONYMA mortgages.
Eligibility: Must use a SONYMA first mortgage; income and purchase price limits apply (same as Achieving the Dream).