First Time Home Buyer

 Programs in New York

Complete First Time Home Buyer Programs Available in New York.

The state agency created by the legislature in New York to offer first time home buyer programs is the New York State Housing Finance Agency. Here is a summary of the current first time home buyer programs that are offered:

Closing Cost Assistance Loans

One of the biggest obstacles to owning a home is the amount of funds an applicant must have for downpayment and closing costs. To help applicants overcome this obstacle, SONYMA offers closing cost assistance in combination with any currently available SONYMA program.

Product Features:

Assistance requires no monthly payments and is forgiven after 10 years;

Minimum assistance is $1,000;

Maximum assistance is the higher of:

$5,000; or

5% of the SONYMA mortgage loan amount.

Low Interest Rate Program

SONYMA's Low Interest Rate Program provides qualified low and moderate income first time homebuyers with low down payment mortgage financing on one to four family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at fixed interest rates which are below prevailing conventional rates.

Remodel New York Program

The Remodel New York Program provides below-market interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under Remodel New York, SONYMA will finance both the purchase and the renovation of the home with one mortgage.

Achieving the Dream Program

SONYMA's Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low downpayment mortgage financing on one and two family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at a very low fixed interest rate.

For complete details on these first time home buyer programs available to New York residents, visit the New York State Housing Finance Agency website.

It is highly recommend that you also visit the First Time Home Buyer Grants page for free assistance with the down payment. This will make it possible for many people to qualify for a first time home buyer loan who wouldn't have qualified without the grant assistance.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources