Loans for first-time buyers
The State of New York Mortgage Agency (SONYMA) runs a handful of mortgage programs designed specifically to help first-time home buyers purchase homes. The programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance.
- Homes for Veterans Program is for military veterans and active duty U.S. military personnel. This program allows qualified veteran or active duty U.S. military personnel to apply for any SONYMA program with more favorable terms.
- Remodel New York allows first-time buyers to purchase a home and finance the cost of renovations – all with one low, fixed-rate mortgage.
- Achieving the Dream is available to lower income first-time homebuyers.
- Construction Incentive Program is specifically for first time-buyers who are purchasing homes under construction or rehabilitation.
- Low Interest Rate Program is SONYMA’s standard mortgage program for first-time buyers who are purchasing newly constructed or existing homes.
- Federal Housing Administration-approved lenders also provide loans aimed at first-time buyers’ special needs. Be warned, though, that “FHA-approved” buildings are few and far between in New York City.