SONYMA DPAL PLUS

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

Funding status: Active

How much assistance

Up to $30,000 (Forgivable Loan)

Zero-interest with no monthly payments. Forgiven in equal monthly installments over 10 years (120 months) of owner-occupancy.

Eligibility

  • Income limits: Must meet lower-income thresholds set by SONYMA. Varies by county and household size.
  • 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 Achieving the Dream mortgage. Funds used to pay down payment and closing costs until first mortgage reaches 80% LTV.
  • Homebuyer education required: Yes

How to Apply for SONYMA DPAL PLUS

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

Visit program website

Notes

Designed for lower-income borrowers qualifying for the Achieving the Dream program. Can be used to eliminate PMI by reaching 80% LTV.

Available Statewide In