Programs For 1st Time Buyers
First time home buyers in New York have many options available to them for help in purchasing their first residence. The State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State.
Here are some highlights:
Homes for Veterans Program
A program specifically designed for 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 RemodelNY Program provides competitive interest rate financing to qualified first time homebuyers to purchase a home and pay for any necessary or desired repairs. It is an enhancement that can be utilized with the Achieving the Dream and Low Interest Rate 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.
Construction Incentive Program
First-time homebuyers* can use this program to buy a home under construction or rehabilitation. 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.
For complete details on these programs, including contact information and instructions on how to apply, please visit this SONYMA web page.
More Illinois First Time Buyer Programs
In addition to the above homebuyer programs offered by IHDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in New York.