A first New York home starts with the financing map.

SONYMA is a set of paths, not an approval

SONYMA's consumer lineup includes Achieving the Dream, its lowest-rate program; the Low Interest Rate Program; FHA Plus and Conventional Plus; a manufactured-home program; and optional features for renovation, veterans, recent graduates, and energy-efficient homes. The two main first-time-buyer programs use 30-year fixed mortgages and can allow low down payments. Their income and purchase-price limits vary by region and program, and the home must meet the selected program's occupancy and property rules.

A SONYMA participating lender makes the loan application and underwriting decision. Target Areas and eligible military service can change the first-time-buyer rule, but neither label promises approval. Check the current rate, regional limits, property rules, available funds, and lender participation again when a real address is in view.

Down-payment help is still financing

The standard SONYMA Down Payment Assistance Loan can be used with a SONYMA mortgage for eligible down payment, closing-cost, or mortgage-insurance expenses. It carries 0% interest and no monthly payment. The current standard maximum is 3% of the purchase price up to $15,000, or $3,000, whichever is higher, and the loan cannot exceed the actual eligible expense. SONYMA says the first-mortgage rate is generally 0.40 percentage point higher when DPAL is attached, with stated exceptions for several special programs.

"Forgivable" does not mean unconditional. Standard DPAL is forgiven over 10 years, and a sale or refinance during that period can trigger repayment of the unforgiven balance. Buyers also need a minimum contribution from their own funds: generally 1%, or 3% for co-ops and three- or four-family properties under the current DPAL rules.

SONYMA also launched limited DPAL Plus 2026 funding on July 1. The current page describes up to $30,000 for buyers at or below 60% of area median income, after other subsidies are applied. It is first-come, can end when funds are depleted, and has its own underwriting and recapture terms. Treat it as a program to screen, not money already in the closing column.

HomeFirst is New York City's separate local lane

NYC HPD's HomeFirst program serves eligible first-time buyers purchasing an owner-occupied one- to four-family home, condo, or co-op in the five boroughs. The May 2026 term sheet caps assistance at the lesser of 20% of the purchase price or $100,000. It also requires an HPD-approved housing counselor and lender, homebuyer education, a qualifying property inspection, program income and purchase-price limits, and at least 3% of the purchase price from the buyer's own funds.

HomeFirst is a 0% forgivable loan with an owner-occupancy period. Current terms use 10 years for assistance of $40,000 or less and 15 years above $40,000; City-funded loans use 15 years regardless of amount. Moving, selling, transferring, renting the primary unit, or refinancing can affect repayment. The HPD-approved counselor is the right first stop for a current eligibility and funding check.

Closing costs sit beside the down payment

Cash to close can include the down payment, lender charges, appraisal, attorney, title search and title insurance, recording and mortgage-related taxes, prepaid interest, the first insurance premium, escrow deposits, and adjustments for property tax or building charges. Inspection and moving costs may already have been paid before closing. A co-op has no deed or ordinary title-insurance package, but it can bring lender, building, lien-search, recognition, and move fees of its own.

Keep a reserve beyond the lender's final cash-to-close line. The roof, boiler, appliance, co-op assessment, or condo charge that appears after closing will not be paid by a down-payment program unless the written program terms and closing approval specifically say so.