SONYMA Down Payment Assistance Loan (DPAL)

Administered by: State of New York Mortgage Agency (SONYMA) · State · Forgivable Loan

Funding status: Active

How much assistance

Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000) (Forgivable Loan)

Zero-interest with no monthly payments. Forgiven after 10 years of owner-occupancy. Amount subject to repayment decreases by 1/120 per month.

Eligibility

  • Income limits: Varies by county and household size. Non-target areas: $68,080 for 1-2 person household. Target areas: $81,690 for 1-2 person household.
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Geographic restrictions: Must purchase within New York State. Must be used with a SONYMA mortgage.
  • Homebuyer education required: Yes

How to Apply for SONYMA Down Payment Assistance Loan (DPAL)

Step 1: Contact a SONYMA-approved participating lender. Complete homebuyer education through a SONYMA-approved housing counseling agency. Apply for a SONYMA mortgage with the DPAL add-on.

Visit program website

Notes

Interest rate on the SONYMA first mortgage is 0.40% higher when combined with DPAL.

Available Statewide In