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New York First-Time Buyers

SONYMA loans, explained plainly.

New American Funding offers three SONYMA programs built for different income levels and buyer needs across New York State. Here's what each one actually does — rates, down payment assistance, and who qualifies.

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Three programs, one goal

Which SONYMA program fits you?

All three are 30-year fixed-rate loans backed by New York State. The right one depends on your income, your county, and whether you're buying move-in ready or need to renovate.

Lowest rate available

Achieving the Dream

Best forLow-to-moderate income buyers
Income limitsLower county caps than the Low Interest Rate program
DPALStandard DPAL + DPAL PLUS (up to $30,000 for ≤80% AMI)

SONYMA's flagship program — the absolute lowest interest rate of any SONYMA option, designed to keep monthly payments as affordable as possible for lower-income families.

Broadest eligibility

Low Interest Rate Program

Best forModerate-income buyers
Income limitsHigher income & purchase price caps than Achieving the Dream
Down payment3.00% minimum (1.00% from borrower's own seasoned funds)
DPALStandard DPAL (up to $15,000 or 3.00%)

SONYMA's standard fixed-rate program — still well below market rate, with higher limits that open it up to a broader range of buyers than Achieving the Dream.

Purchase + renovation

RemodelNY

Best forBuyers who need repairs done at closing
Value baseLoan-to-value applied to the After-Improved Value
OverlaysNAF-registered, locally licensed contractors required
Reserve10-20% renovation contingency reserve required

Rolls the home purchase and contractor repair costs into one low-interest mortgage — one closing, one payment, instead of a separate renovation loan.

Side by side

SONYMA Program Comparison

SONYMA Programs at a Glance

ProgramDown paymentDPAL availableBest for
Achieving the DreamAs low as 0-3% with DPALStandard DPAL + DPAL PLUS up to $30,000 (≤80% AMI)Lower-income families wanting the lowest possible rate
Low Interest Rate3.00% (1.00% from borrower's own funds)Standard DPAL up to $15,000 or 3.00%Moderate-income buyers above Achieving the Dream's caps
RemodelNYSet by After-Improved Value LTV limitsFollows underlying SONYMA program's DPAL rulesBuyers purchasing a home that needs renovation
Income limits, purchase price caps and DPAL amounts vary by county and household size. Ask Brian for the current SONYMA limits in your county.
Good to know

Questions, answered

Do I have to be a first-time buyer for SONYMA?+
Generally yes — SONYMA defines first-time as not having owned a primary residence in the last 3 years, though this is waived for qualifying veterans and purchases in SONYMA-designated Targeted Areas.
What's the difference between Achieving the Dream and the Low Interest Rate program?+
Achieving the Dream has lower income limits but offers SONYMA's absolute lowest rate. The Low Interest Rate program has higher income and purchase price caps, making it accessible to more moderate-income buyers, with a standard 3% down payment.
Can I use SONYMA to buy a home that needs work?+
Yes — RemodelNY combines the purchase and renovation costs into a single loan, based on the home's After-Improved Value, using NAF-registered contractors.
How much down payment assistance can I get?+
Standard DPAL offers up to $15,000 or 3% of the purchase price. Buyers earning 80% of area median income or less who qualify for Achieving the Dream can access DPAL PLUS, up to $30,000.
Is SONYMA's rate always lower than a regular loan?+
Usually, yes — SONYMA rates are typically set below the conventional market rate. But your exact rate depends on the program, your county, and current SONYMA bond pricing, so it's worth comparing both side by side.