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.

Our five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. Each of these features is designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.

Mortgage Programs:

Homes for Veterans Program
A program specifically designed for U.S. 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.

Compare SONYMA to FHA:

What's better - an FHA loan or a SONYMA loan? Use the below calculator to determine which product may be better for you.

Click here to open the FHA comparison calculator

*First-time Homebuyer is defined by SONYMA as not owning your primary residence during the past three years. The first-time homebuyer requirement is waived for eligible US military veterans and applicants who purchase a home in a Federally-designated Target Area.