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Homes and Community Renewal

SONYMA Products for First-Time Homebuyers

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The Homes for Veterans Program:

Interest Rate
For complete program details, click here.

If you're ready to buy a home, we’re ready to help!

Call us today at 1-800-382-HOME (4663)

Call SONYMA Information Hub: 1-800-382-HOME (4663)

The State of New York Mortgage Agency (SONYMA) provides mortgage programs to assist first-time homebuyers with the purchase of a home in New York State.

Our five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. Each of these features is designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.

Mortgage Programs:

Achieving the Dream
Features lower interest rates than other SONYMA programs. Available to lower income first-time homebuyers. SONYMA offers a mortgage product that finances both the purchase and renovation of a home in need of improvements or repairs. Click here to learn about incentives for purchasers of newly constructed, energy efficient homes.

Low Interest Rate Program

SONYMA's standard mortgage program for a first-time homebuyer* purchasing a newly constructed or existing home.

Graduate to Homeownership Program
SONYMA offers low-interest rate mortgages, down payment assistance, and homebuyer education resources for recent college graduates purchasing their first home in certain upstate New York communities.

Homes for Veterans Program
A program specifically designed for U.S. military veterans and active duty U.S. military personnel. Allows a qualified veteran or active duty U.S. military personnel to apply for any of the below listed SONYMA programs with more favorable terms.

The SONYMA Remodel New York escrow option is designed to provide mortgage financing for homebuyers to purchase a home and pay for any necessary or desired repairs. It is an enhancement that can be utilized with the below stated SONYMA programs for 1 and 2 family homes, vPUDs and condominiums.

Compare SONYMA to FHA:

What's better - an FHA loan or a SONYMA loan? Use the below calculator to determine which product may be better for you.

Click here to open the FHA comparison calculator

*First-time Homebuyer is defined by SONYMA as not owning your primary residence during the past three years. The first-time homebuyer requirement is waived for eligible US military veterans and applicants who purchase a home in a Federally-designated Target Area.

Incentives for Purchasers of
ENERGY STAR® Labeled Homes

SONYMA's Low Interest Rate & Achieving the Dream Program offers special savings to homebuyers who purchase new energy efficient homes under the New York ENERGY STAR® Labeled Homes Program.

Click here for more information about incentives for purchasers of ENERGY STAR Labeled Homes.