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New York: SONYMA DPAL

You can buy a home with no down payment out of pocket!*

Ask Doc About This Program

The New York Down Payment Assistance Loan Program helps cover your down payment and closing costs, and can even cover all or a portion of your mortgage insurance premium, which can reduce your monthly mortgage payment significantly.

Program Benefits

Forgiven after 10 years
Minimum loan amount: $1,000
Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest

Important Information About DPALs

A Down Payment Assistance Loan cannot exceed your actual down payment and/or closing costs
Interest rates for first-time mortgages with a DPAL attached will be .375% higher than mortgages without. This higher rate does not apply to Graduate to Homeownership, Homes for Veterans, or ENERGY STAR® programs
All or a portion of your DPAL may be required to be repaid if you sell or refinance within the first 10 years. The amount subject to possible repayment decreases by 1/120 per month you live in the property; any shortage at sale is forgiven
You must make a minimum cash contribution of 1% of the value of the property (3% for cooperatives and 3-4 family properties)
DPALs may only be used in conjunction with a SONYMA mortgage, including cooperatives
Cash back at closing is not allowed with a DPAL, except in special circumstances
SONYMA will not allow your DPAL to be subordinate to another mortgage

FAQs

Who counts as a first-time homebuyer?+

Someone who has not had an ownership interest in their primary residence during the past three years. Borrowers must meet credit score and debt-to-income requirements.

01 Checkup A 15-minute conversation
02 Diagnosis Programs matched to you
03 Prescription We handle the paperwork
04 Closing Keys or savings, delivered

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People Over Profit.

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Doc values people over profit, even though the best things in life come with a fair price. Call to learn more about how these loan programs can help you qualify.

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