New York State Housing Trust Fund | New York Housing 2025

New York State Housing Trust Fund 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 varies 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.

• 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.

• Varies 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.

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.