State Program
SONYMA Down Payment Assistance Loan (DPAL) | New York Hou...
SONYMA Down Payment Assistance Loan (DPAL) provides up to $15,000 and low‑rate financing to help New Yorkers purchase, improve, or refinance a home.
Program Details
SONYMA Down Payment Assistance Loan (DPAL) is administered by the State of New York Mortgage Agency (SONYMA)
or the relevant local housing department to improve housing affordability statewide. Qualified borrowers
obtain favorable first‑mortgage interest rates and up to $15,000 for down‑payment, closing costs,
rehabilitation, or energy upgrades. The program may be paired with the SONYMA Mortgage Credit Certificate for
a federal tax credit of up to $2,000 per year. Borrowers must complete a HUD‑approved education course and
work with a SONYMA‑participating lender to reserve funds. Income and purchase‑price limits align with 2025 HUD
guidelines and vary by county. Properties must serve as the borrower’s primary residence and meet SONYMA’s
property standards. The agency reviews limits annually to keep pace with market conditions. Loans are serviced
locally, and post‑purchase counseling is available free of charge to support long‑term homeowner success.
or the relevant local housing department to improve housing affordability statewide. Qualified borrowers
obtain favorable first‑mortgage interest rates and up to $15,000 for down‑payment, closing costs,
rehabilitation, or energy upgrades. The program may be paired with the SONYMA Mortgage Credit Certificate for
a federal tax credit of up to $2,000 per year. Borrowers must complete a HUD‑approved education course and
work with a SONYMA‑participating lender to reserve funds. Income and purchase‑price limits align with 2025 HUD
guidelines and vary by county. Properties must serve as the borrower’s primary residence and meet SONYMA’s
property standards. The agency reviews limits annually to keep pace with market conditions. Loans are serviced
locally, and post‑purchase counseling is available free of charge to support long‑term homeowner success.
Eligibility Requirements
- Borrower household income must not exceed SONYMA’s 2025 county limits (available on hcr.ny.gov).
- Purchase price (after‑rehab value) must stay within SONYMA or local caps.
- Minimum 640 credit score (higher for conventional products); DTI ≤ 50 %.
- Homebuyer education completion certificate required before closing.
- Property must be a 1‑4 unit primary residence; condos/co‑ops allowed if SONYMA‑approved.
- Purchase price (after‑rehab value) must stay within SONYMA or local caps.
- Minimum 640 credit score (higher for conventional products); DTI ≤ 50 %.
- Homebuyer education completion certificate required before closing.
- Property must be a 1‑4 unit primary residence; condos/co‑ops allowed if SONYMA‑approved.
Program Benefits
- **Up to $15,000** reduces out‑of‑pocket cash at closing or funds repairs/energy upgrades.
- Fixed 30‑year interest rates often below market.
- May layer with SONYMA DPAL and Mortgage Credit Certificate for maximum savings.
- Free post‑purchase counseling and foreclosure prevention support.
- Fixed 30‑year interest rates often below market.
- May layer with SONYMA DPAL and Mortgage Credit Certificate for maximum savings.
- Free post‑purchase counseling and foreclosure prevention support.
How to Apply
1. Review income and purchase‑price charts on hcr.ny.gov for your county.
2. Contact a SONYMA‑participating lender to obtain pre‑approval and program reservation.
3. Complete a HUD‑approved homeownership counseling course (online or classroom).
4. Sign a purchase agreement, finalize underwriting, and lock SONYMA rate.
5. Attend closing; grant/loan funds are wired to cover eligible costs. Move into the home within 60 days.
2. Contact a SONYMA‑participating lender to obtain pre‑approval and program reservation.
3. Complete a HUD‑approved homeownership counseling course (online or classroom).
4. Sign a purchase agreement, finalize underwriting, and lock SONYMA rate.
5. Attend closing; grant/loan funds are wired to cover eligible costs. Move into the home within 60 days.
Program Overview
Category
State Program
Maximum Assistance
$15,000
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.