SONYMA is the state's homebuyer program — below-market fixed rates, low PMI, and down-payment assistance up to $30,000. Designed to help New Yorkers actually buy in New York. I'm a SONYMA-approved lender serving the Capital Region and NYC.
Four things SONYMA does that a standard loan can't — and why it's usually the right first move for a New Yorker buying their first home.
The rest of your down payment and closing costs can come from gift funds, grants, or SONYMA's own down-payment assistance loan.
Forgivable second-loan up to $30,000 (DPAL Plus) or $15,000 (DPAL) — used for down payment and closing costs.
SONYMA rates are set below the going conventional 30-year — a real, ongoing monthly savings, not a teaser.
1-, 2-, 3-, and 4-family homes all eligible. Multi-family opens the door to house-hacking your way in.
SONYMA calls it "first-time," but the definition is broader than most people think. You qualify if any of the following is true:
You've never had ownership interest in a primary residence anywhere in the U.S.
You haven't owned a primary residence in the last three years. Life happens. This counts.
Purchasing in a federally-designated target census tract? The three-year rule is waived entirely.
Also required: property must be your primary residence, income within the county limits below, and a homebuyer education course (SONYMA provides a free online one — takes an evening).
Same state agency, two flavors. Which one you use depends on your income and how much rate savings vs. flexibility you want. I'll pick the right door for you when we talk.
SONYMA's most subsidized program — the lowest fixed rate they offer. Tighter income limits, but if you fit, this is the best deal in New York State.
Still below-market, but with meaningfully higher income limits — roughly 25% higher than Achieving the Dream. The right choice when your income is above the ATD cap.
DPAL is a 0% interest, 10-year forgivable second loan layered on top of your SONYMA first mortgage. You don't make monthly payments on it. If you stay in the home for 10 years, it's fully forgiven — you owe nothing back.
Up to $15,000 or 3% of the purchase price, whichever is greater. Available on both Achieving the Dream and Low Interest Rate loans.
0% interest · 10-year term · forgiven if you stay 10 years.
Up to $30,000 or 10% of the purchase price, whichever is less. Available on Achieving the Dream. Same terms — 0% interest, forgivable over 10 years.
Layer DPAL Plus with the 1%-own-funds rule and you can buy with almost none of your own money at closing.
SONYMA income limits are set by county and household size. Below are the two programs' non-target limits for the counties I lend in most. Target-area limits are higher — I'll tell you if the address you're buying qualifies as a target census tract.
| County | 1–2 person household | 3+ person household |
|---|
| County | 1–2 person household | 3+ person household |
|---|
| Property | Capital Region — non-target | Capital Region — target | NYC (all target) |
|---|---|---|---|
| 1-family, new or existing | $566,350 | $692,210 | $1,597,410 |
| 2-family, existing | $725,140 | $886,280 | $2,045,320 |
| 3-family, existing | $876,490 | $1,071,270 | $2,472,220 |
| 4-family, existing | $1,089,340 | $1,331,410 | $3,072,530 |
RemodelNY is a purchase-side add-on that lets you finance the home and the repairs together, sized off the after-improved value. Same SONYMA rate as Achieving the Dream or Low Interest Rate — no rate bump for using RemodelNY.
$1,000. No maximum — as long as total loan stays within county purchase-price limits.
10% required. Bumped to 15% if the home is vacant, up to 20% for higher-scope projects.
The lower of after-improved value or (purchase price + repairs + soft costs). LTV works like a standard SONYMA loan.
No rate bump for RemodelNY — you get the same below-market ATD or LIR rate.
Layer DPAL (up to $15,000) with RemodelNY. Reduces cash to close.
SONYMA administers renovation escrow and draws with a required consultant. I coordinate it end-to-end.
Federal law prohibits SONYMA from refinancing an existing loan. If you already own your home and want renovation money, we look at FHA 203(k) or a conventional cash-out refinance. If you don't own the home yet and it needs work, that's when RemodelNY fits — rolled into your SONYMA purchase.
20 minutes on the phone. I confirm income, household, first-time status, and whether your target address qualifies for target-area limits.
SONYMA requires a free online course before closing. It's an evening. I'll send you the link — knock it out early.
I underwrite your file and reserve your SONYMA rate with New York State — locks in the below-market rate while you shop.
You shop with a real pre-approval in hand. DPAL is set up in escrow. Standard 30–45 day close from accepted offer.