One of the biggest obstacles to owning a home is the amount of money a borrower must have for downpayment and closing costs. To help applicants overcome this major hurdle, the State of New York Mortgage Agency (SONYMA) offers first time homebuyers down payment assistance in conjunction with SONYMA financing.
Also, The Down Payment Assistance Loan cannot exceed the actual down payment and/or closing costs associated with the mortgage loan transaction.
There are a couple more requirements with this grant program:
- All or a portion of the Down Payment Assistance Loan may be required to be repaid or “recaptured” if the SONYMA mortgage loan is paid in full within ten (10) years of purchasing the home. The repayment of the Down Payment Assistance Loan will be reduced for each month the applicant lives in the property and the SONYMA mortgage remains outstanding.
- Regardless of the SONYMA program for which you apply, borrowers must make a minimum cash contribution of one percent (1%) of the value of the property (three percent (3%) for cooperatives, 3- and 4-family properties)
To contact SONYMA about this grant, visit their webage, or contact them directly at:
General information and questions: HCRInfo@nyshcr.org
HCR Mitchell-Lama & Housing Authority Hotline: 1-866-463-7753
New York City, Long Island, Hudson Valley
641 Lexington Ave, New York, New York 10022
Counties Served: Bronx, Kings, New York, Queens, Richmond, Nassau, Suffolk, Rockland, Westchester, Putnam, Orange, Dutchess, Ulster, Sullivan.
Finger Lakes, Western NY, Southern Tier
Electric Tower, Suite 105, 535 Washington Street,
Buffalo, NY 14203
Counties Served: Orleans, Genesee, Wyoming, Monroe, Livingston, Wayne, Ontario, Seneca, Yates, Niagara, Erie, Chautauqua, Cattaraugus, Allegany, Steuben, Schuyler, Chemung, Tompkins, Tioga, Broome, Chenango, Delaware
Central New York, North Country, Capital Region, Mohawk Valley
620 West Erie Blvd., Suite 312
Syracuse, NY 13204
Phone: 315-478-7179 Ext: 200
Counties Served: Oswego, Cayuga, Onondaga, Cortland, Madison, Franklin, Clinton, St. Lawrence, Jefferson, Lewis, Hamilton, Essex, Warren, Washington, Saratoga, Schenectady, Rensselaer, Albany, Columbia, Greene, Oneida, Herkimer, Otsego, Fulton, Montgomery, Schoharie.
Capital Region, North Country
38-40 State St
Hampton Plaza, Albany, NY 12207
Counties Served: Franklin, Clinton, St. Lawrence, Jefferson, Lewis, Hamilton, Essex, Warren, Washington, Saratoga, Schenectady, Rensselaer, Albany, Columbia, Greene,