The State of New York Mortgage Agency (SONYMA) is committed to creating homeownership opportunities and providing liquidity to underserved communities. The Credit is Due program is an initiative designed to address racial disparities and increase access to financing for minority households. The program is offered in collaboration with lenders who have chosen to develop a Special Purchase Credit Program (SPCP).


By partnering with lenders who have demonstrated a commitment to addressing lending disparities, the agency intends to amplify the impact of such efforts and leverage the strengths of both institutions.


The Credit is Due Program combines the following benefits:

Program Features

  • SONYMA offers competitive, 30-year, fixed-rate mortgages with a 120-day rate lock period.
  • Limited to SPCP Participating Lenders.
  • May be combined with other SONYMA programs including Achieve the Dream, Low Interest Rate, RemodelNY, Homes for Veterans, Graduate to Homeownership, Energy STAR®, and Neighborhood Revitalization.
  • No cash reserves required, except under certain circumstances such as when purchasing a 2-4 family home or when unable to demonstrate a history of on-time rental payments.
  • Additional funding sources can be combined with other grants and subsidies.
  • Only 1% borrower contribution required, for most property types.
  • Property type options are 1-4 family homes, coops, condos and manufactured homes located anywhere within New York State.
  • Borrowers need to occupy the property as their primary residence, however, non-occupant co-borrowers are permitted.


For more information, please see the Credit Is Due Term Sheet.

Loan Enhancements

Enhanced Down Payment Assistance Loan (eDPAL)

eDPAL can be used to pay down payment and closing costs until purchase money mortgage amount is 80% LTV, up to $30,000.  Also, can be used to pay single premium mortgage insurance (MI) for transactions over 80% LTV. When used in combination with other subsidies/grants, eDPAL must be applied after the others.

  • 0% interest rate
  • No monthly payments 
  • Forgiven after 10 years
  • Minimum loan amount: $1,000
  • Maximum loan amount: $30,000
    • if total applicant total DTI is at or above 40%; or  
    • $15,000 if applicant total DTI is below 40%
Reduced Interest Rate

Up to 2.0% interest rate reduction off applicable SONYMA rate (rate reduction applied in 0.25% increments based on applicant need to achieve loan approval).


Give Us Credit Underwriting Standards (GUC)

GUC underwriting standards expand the criteria used to evaluate responsible financial management, increasing eligibility to families and individuals who rely on non-traditional savings and sources of income, and by offering greater flexibility for potential borrowers who have overcome past financial hardships. Inclusive guidelines include, but are not limited to:

  • No cash reserves required, except under certain circumstances such as when purchasing a 2-4 family home or when unable to demonstrate a history of on-time rental payments.
  • Use of Non-Traditional Shared Savings Arrangement
  • Allows for non-traditional and fluctuating income sources and financial support from family, friends and community.
  • Allows for flexibility on credit review, including, but not limited to:
    • Permits no trade-lines on credit reports, under certain circumstances, such as proof of rental payment history.
    • Allows for some late payments, under certain circumstances.
    • Offers shorter post-foreclosure and post-bankruptcy
      waiting periods.
  • Partial allowances for income from boarder or accessory dwelling unit
  • Greater latitude for Gifts of Equity

How to Apply

Interested in applying for a SONYMA Credit Is Due Loan?


Lenders who wish to participate in this program may apply at [email protected]