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Homes and Community Renewal

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Home Buyers

SONYMA and AHC offer programs to promote homeownership among low- and moderate-income New Yorkers.


  • SONYMA traditional bond-financed programs offers low interest mortgages for first-time homebuyers that include down payment assistance.
    • For a list of SONYMA's different mortgage programs, click here.

    • To see SONYMA's current interest rates, click here.

    • To find out how to qualify for a SONYMA mortgage, click here.

    • To find a homeownership counselor who can prepare you for homeownership, click here.

  • SONYMA's Conventional Plus Program is a new mortgage program that combines 30-year fixed rate mortgages with SONYMA down payment assistance for both first-time homebuyers and previous homeowners. The program may be used for the purchase of a primary home or for the refinance of an existing loan. The down payment assistance may also be used to pay closing costs (including an upfront single mortgage insurance premium, if necessary, and thus eliminating the monthly mortgage insurance premium payment). With all these combined features including flexible underwriting guidelines, Conventional Plus offers a lower monthly payment than most mortgages. Click here to learn more.

  • SONYMA's FHA Plus Program is a unique program that combines FHA-insured mortgages with SONYMA down payment assistance. The program is available for home purchases and for refinances. Under a special exemption from the United States Department of Housing and Urban Development (HUD), SONYMA’s down payment assistance may be used to satisfy the 3.5% minimum cash investment required by FHA (up to 2.5% of the assistance may be used for this purpose with the remaining 1% coming from the borrower’s own savings). This allows borrowers to qualify for a mortgage with as little of 1% of their own funds in the transaction. The assistance may also be used to pay closing costs. Click here to learn more.


AHC provides grants to organizations to help subsidize the cost of purchasing newly constructed homes and existing homes in need of rehabilitation for low- and moderate-income homebuyers. To purchase these homes at subsidized prices, prospective homebuyers must apply directly to AHC Grantee organizations. Please note that AHC does not provide grants directly to individuals.

  • To find and AHC Grantee in your area, please click here.

  • AHC income qualification is generally based upon a percentage of the HUD Low Income Limits. Please note that income qualification limits vary by project and may go up to 166% of the HUD Low Income Limits in the table attached here. To find out eligibility for a specific development, please contact the AHC Grantee administering the subsidy.

Last updated: 04/03/14