Eligibility
Income Eligibility: Applicants must have a household income equal to or less than 60% of the Area Median Income.
Eligible Property Types: Applicants may use DPAL+ to purchase a 1-4 unit single family home, condominium unit or coop unit.
Eligible Awards
DPAL+ must be used in conjunction with a SONYMA mortgage and applicants must qualify for a SONYMA mortgage as a condition of receiving the DPAL assistance.
Award Amounts
The DPAL + award will be sized to bring the applicants’ primary mortgage down to 80% of the loan to value of the home. The maximum award will not exceed $30,000 per applicant. The assistance may be used to pay for down payments, closing costs, and where necessary, a one-time Primary Mortgage Insurance payment.
Regulatory Period
Homeowners who receive an award under this program will sign a 10-year regulatory agreement. The award will be forgiven on a declining balance amortization schedule, such that the full award will be fully forgiven if the homeowner remains in the home with a sale or refinance for the full 10 years.
Partnerships
M&T
Premium Mortgage
First Priority Mortgage