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Get Matched Free →Homebuyer Programs in Smithtown, NY (2026)
Smithtown is a hamlet and census-designated place in Suffolk County on Long Island's North Shore, known for its excellent schools, suburban character, and convenient access to New York City. With a median home price around $775,000, buying here is a significant investment, but several assistance programs can help. The Suffolk County HOME Down Payment Assistance Program offers up to $30,000 as a zero-interest forgivable loan, and Community Development Long Island (CDLI) provides low-interest loans up to $75,000 for down payment and closing costs. At the state level, SONYMA offers down payment assistance loans up to $15,000 (or $30,000 in targeted areas), and the FHLBNY Homebuyer Dream Program provides grants up to $30,000 through participating lenders. By combining county, nonprofit, and state programs, Smithtown buyers can potentially stack over $100,000 in assistance toward their home purchase.
Top Homebuyer Programs in Smithtown
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Suffolk County HOME Down Payment Assistance Program | Deferred Loan | Up to $30,000 | Yes | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| CDLI Down Payment and Closing Cost Assistance Loan | Repayable Loan | Up to $75,000 | Yes | View → |
| CHI First Time Homebuyer Grant Program | Grant | $25,000 to $35,000 (49% max for down payment and closing costs; 51% minimum for home repairs) | Yes | View → |
| Habitat for Humanity of Long Island Homeownership Program | Zero-Interest Loan | Affordable home purchase with subsidized mortgage | Yes | View → |
| LIHP Community Stabilization Program (CSP) | Forgivable Loan | Up to $30,000 | Yes | View → |
| FHLBNY Homebuyer Dream Program | Grant | Up to $30,000 | Yes | View → |
| SONYMA Down Payment Assistance Loan (DPAL) | Forgivable Loan | Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000) | Yes | View → |
| SONYMA DPAL PLUS | Forgivable Loan | Up to $30,000 | Yes | View → |
- Type:
- Deferred Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Repayable Loan
- Amount:
- Up to $75,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $25,000 to $35,000 (49% max for down payment and closing costs; 51% minimum for home repairs)
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with subsidized mortgage
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000)
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. Most programs require household income at or below 80% to 130% of the Area Median Income depending on the program. The Suffolk County HOME DPA Program requires income at or below 80% AMI, while the CDLI loan allows up to 120% AMI.
- Step 2:
Complete homebuyer education. Contact the Long Island Housing Partnership (LIHP) at (631) 435-4710 for free mortgage counseling and HUD-certified homebuyer education courses. CDLI also offers a required NeighborWorks homebuyer education program.
- Step 3:
Contact the Suffolk County Office of Community Development at (631) 853-5705 or email ecodev@suffolkcountyny.gov to apply for the Suffolk County HOME Down Payment Assistance Program. You will need at least $3,000 in the bank at the time of application.
- Step 4:
Reach out to Community Development Long Island (CDLI) at (631) 471-1215 to explore their down payment and closing cost assistance loan of up to $75,000.
- Step 5:
Get pre-approved for a mortgage through a SONYMA-approved lender or an FHLBNY-participating bank or credit union such as Suffolk Credit Union. Ask your lender about layering the Homebuyer Dream Program grant with your first mortgage.
- Step 6:
Find a home within program price limits. The Suffolk County HOME program caps the purchase price at $532,000 for existing homes and $555,000 for new construction. CDLI caps at $500,000. Homes above these limits may still qualify for state-level programs.
- Step 7:
Submit your applications and work with your lender and housing counselor to coordinate funding from multiple sources. Expect the process to take 60 to 90 days from application to closing.