Optional Add-On Features


Home loans are not “one size fits all,” because everyone’s needs are different. That’s why SONYMA offers a variety of low-interest mortgage loans for eligible homebuyers. Find the right program to meet your needs. 

Down Payment Assistance Loan

One of the biggest financial hurdles faced by potential homeowners is the down payment and closing costs. SONYMA’s Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding you need to purchase your first home.


If you are required to carry mortgage insurance, a DPAL can be used to cover all or a portion of your premium, which can reduce your monthly mortgage payment significantly.


Down Payment Assistance Loan Benefits
  • 0% interest rate
  • No monthly payments 
  • Forgiven after 10 years
  • Minimum loan amount: $1,000
  • Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest


Other Important Information About DPALs
  • A Down Payment Assistance Loan cannot exceed your actual down payment and/or closing costs. 
  • Interest rates for first-time mortgages with a DPAL attached will be .375% higher than mortgages without. This higher interest rate does not apply to our Graduate to Homeownership, Homes for Veterans, or ENERGY STAR® programs. 
  • All or a portion of your Down Payment Assistance Loan may be required to be repaid if you sell your home or refinance your mortgage within the first 10 years of purchase.  The amount subject to possible repayment will decrease by 1/120 per month each month you live in the property.  In the event the proceeds from the sale of your home is not enough to pay any repayable amount, the shortage will be forgiven.
  • Regardless of which SONYMA program you apply for, you must make a minimum cash contribution of 1% of the value of the property (3% for cooperatives and 3- and 4-family properties).
  • DPALs may only be used in conjunction with a SONYMA mortgage and may be used for any property type eligible under your chosen mortgage program, including cooperatives.
  • Cash back at closing is not allowed with a DPAL, except in special circumstances.
  • SONYMA will not allow your DPAL to be subordinate to another mortgage.


Please remember that not all participating SONYMA lenders offer DPALs. Contact your preferred lender to be sure. Or, view our list of participating SONYMA lenders to find a lender near you.


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Not every house is perfect. Some need a little TLC, and some need a lot. But paying for those repairs—even minor ones—can add up fast. The SONYMA RemodelNY program provides mortgage financing options that let you purchase a property and pay for repairs to turn that almost-perfect house into your perfect home.

RemodelNY Benefits
  • Available under our Low Interest Rate and Achieving the Dream programs at the same interest rate
  • May be combined with the Homes for Veterans enhancement program
Eligible home improvements include
  • Structural alterations and reconstruction, like finishing a basement, repairing chimneys, and adding garages
  • Remodeling kitchens and bathrooms
  • New free-standing appliances
  • Eliminating health and safety concerns
  • Aesthetic changes, like new siding or paint
  • Plumbing updates
  • Roofing, gutters, and downspouts
  • Flooring
  • Energy conservation updates
  • Major landscaping and site improvements
  • Elevating the home, filling in below grade space or raising mechanicals to lower flood insurance premiums


RemodelNY financing is available for existing 1-4 family homes. Planned Unit Developments (PUDs) and condominiums also are eligible, provided the Homeowners Association approves of the proposed renovations.  


Download this pdf to get more details now about the Remodel NY program, loan terms, eligibility requirements, and more.


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Homes for Veterans

Homeownership is the American dream. But for those who protect and serve our country, that dream can be difficult to make a reality. At SONYMA, we believe in helping our veterans and active service members achieve that dream through low-interest mortgage products designed to make homeownership easier than ever before.


Homes for Veterans Benefits
  • Exclusively for active service members, veterans, and their spouses or co-borrowers
  • US Military veterans with an other than dishonorable discharge do not need to be first time homebuyers
  • Also applies to active or honorably discharged members of the National Guard and reservists
  • Interest rates .375% lower than standard SONYMA interest rates for loans with down payment assistance.
  • Down Payment Assistance Loans are available with this program for up to $3,000 or 3% of the purchase price (not to exceed $15,000), whichever is higher.
  • Minimum borrower cash contribution is only 1%; the remaining 2% can come from a gift or other acceptable source
  • No points


  • You must be either a U.S. military veteran or active duty serviceperson and be able to provide the following documentation with your application:
    • DD214 – Certificate of Release or Discharge from Active Duty or NGB Form 22 – Report of Separation and Record of Service
    • Leave and Earning Statement (required for all active duty U.S. military personnel)
    • Military ID Card (required for ALL active duty U.S. military personnel)
  • Military Veteran's Eligibility Affidavit (SONYMA Form 243) is required only if an eligible veteran or their spouse or co-borrower is not a first-time homebuyer


To apply for a SONYMA loan, you must work with one of our participating lenders. Have a look at SONYMA's participating lender list to find the one that’s right for you.


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Graduate to Homeownership

The time right after graduation from college is exciting, with new opportunities and the rest of your life ahead of you. Now imagine starting that new life with a home of your own. The Graduate to Homeownership program offers recent college graduates low-interest mortgages, down payment assistance, and homebuyer education resources to purchase their first home in certain upstate New York communities. 


Graduate to Homeownership Benefits
  • Competitive 30-year fixed interest rates 
  • May be combined with other SONYMA grants and assistance programs, such as:
    • Down Payment Assistance Loans to help with your down payment
    • Remodel NY for funds to help with repairs and remodeling


  • Available for first-time homebuyers who have received an associate, bachelor’s, master’s, or doctoral degree within the past 48 months from an academic program recognized by the U.S. Department of Education 
  • You must have good credit, stable employment, and be able to make monthly mortgage payments 
  • You must occupy the property as your primary residence
  • Regional income limits apply and vary by county


Available Communities

To qualify for the Graduate to Homeownership program, you must buy a house in one of these communities. Use the links below to go directly to individual community pages on www.ny.gov and learn more.


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Neighborhood Revitalization

Strong neighborhoods are at the heart of every vibrant community. But for those areas hit hardest by the foreclosure crisis, this means an extensive inventory of vacant homes. With the Neighborhood Revitalization program from SONYMA, qualified buyers receive incentives to buy and restore vacant properties in these communities. This ultimately improves property values, restores community pride, and helps drive long-term, sustainable economic growth.


Neighborhood Revitalization Program Benefits
  • Up to $20,000 to renovate qualified homes
  • The ability to seek additional improvement funds through other lenders
  • Can be combined with other SONYMA loans and programs 


  • The property must be located in one of the following available/partner communities 
  • You must have good credit, stable employment, and be able to make monthly mortgage payments
  • Regional income limits apply and vary by county (download the pdf)
Available Communities and Regional Non-Profit Partners (PDF)
  • Albany: AHP Homeownership Center (City of Albany) , Albany County Rural Housing (rest of Albany County)
  • Bronx: The Bronx NHS, Center for New York City Neighborhoods
  • Broome: City of Binghamton Metro,  Interfaith Housing Management Corp.
  • Clinton : Housing Assistance Program of Essex County
  • Dutchess: Hudson River Housing
  • Erie: The Buffalo Urban Renewal Agency
  • Essex : Housing Assistance Program of Essex County
  • Kings: Center for New York City Neighborhoods  
  • Monroe: Greater Rochester Housing Partnership
  • Montgomery : Utica Neighborhood Housing Services, Inc
  • Nassau: Long Island Housing Partnership and CDC Long Island
  • New York: Center for New York City Neighborhoods, NHS and Restored Homes HDFC
  • Niagara: South End Housing Initiative
  • Oneida : Utica Neighborhood Housing Services, Inc.
  • Onondaga: Home Headquarters
  • Orange: RUPCO,  Pathstone , Rural Development Advisory Corporation
  • Queens: Center for New York City Neighborhoods, NHS and Restored Homes HDFC
  • Rensselaer : Troy Rehabilitation and Improvement Program
  • Richmond: NHS of Staten Island
  • Schenectady: Better Neighborhoods, Inc.
  • Suffolk: Long Island Housing Partnership and CDC Long Island
  • Sullivan: RUPCO and Rural Development Advisory Corporation
  • Ulster: RUPCO
  • Warren: Housing Assistance Program of Essex County
  • Washington : Housing Assistance Program of Essex County
  • Westchester: Community Housing Innovations, Inc.


Download the pdf now to get more details about SONYMA’s Neighborhood Revitalization program. Or contact one of our regional non-profit partners listed above to learn more.


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Give Us Credit

Starting in New York City and on Long Island, the Give Us Credit pilot program qualifies eligible first-time homebuyers by expanding 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.


Key Features:
  • SONYMA offers competitive, 30-year, fixed-rate mortgages with a 120-day rate lock period.
  • Down Payment Assistance Loan (DPAL) offers up to 3% of the purchase price (minimum of $7500 to maximum of $15,000). DPAL is potentially non-repayable.
  • No cash reserves required, except when purchasing a 2-4 family home.
  • 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.
  • Borrowers need to occupy the property as their primary residence, however, non-occupant co-borrowers are permitted.
  • GIVE US CREDIT allows for non-traditional and fluctuating income sources and financial support from family, friends and community.
  • GIVE US CREDIT 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.


Interested in applying for a SONYMA Give Us Credit Loan? Contact one of our Nonprofit Housing Partners for more information:

Long Island:
Nonprofit Housing Partner: Long Island Housing Partnership
Phone: 631-435-4710
Email: [email protected]

Nonprofit Housing Partner: Community Development Corporation of Long Island
Phone: 631-471-1215 ext. 151 & 193
Email: [email protected]

Nonprofit Housing Partner: American Debt Resources, Inc.
Phone: 800-498-0766 ext. 190
Email: [email protected]

New York City:
Nonprofit Housing Partner: Brooklyn Neighborhood Services
Phone: 718-919-2100
Email: [email protected]

Nonprofit Housing Partner: Northfield Community LDC of Staten
Island, Inc.
Phone: 718-442-7351 ext. 228
Email: [email protected]

Nonprofit Housing Partner: Neighborhood Housing Services of
Jamaica, Inc.
Phone: 718-291-7400
Email: [email protected]

Nonprofit Housing Partner: Neighborhood Housing Services of
Brooklyn CDC Inc.
Phone: (718) 469-4679
Email: [email protected]

Nonprofit Housing Partner: Mutual Housing Association of New York
Phone: (718) 246-8080
Email: [email protected]


You may also contact SONYMA directly for more information:
Phone: 1-800-382-4633
Email: [email protected]


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ENERGY STAR® certified homes include energy efficient features that deliver better performance and greater comfort while reducing utility bills by as much as 30% when compared to standard homes. To help you find a more energy efficient home, SONYMA is partnering with the New York State Builders Association (NYSBA), the New York State Energy Research and Development Authority (NYSERDA), and the Long Island Power Authority (LIPA) to offer special incentives for purchasing an Energy Star certified home.


  • Interest rates .375% lower than standard SONYMA interest rates for loans with down payment assistance
  • Available with down payment assistance of $3,000 or 3% of the home purchase price (not to exceed $15,000)
  • No points


Eligible properties
  • Newly constructed single-family homes
  • Newly constructed two-family homes located in a designated Target Area


Learn more SONYMA’s ENERGY STAR® program features and requirements now.


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Manufactured Home Mortgage Program, State of New York Mortgage Agency

The Manufactured Home Program offers two ways for park owners and residents to maintain affordable, modern and attractive park communities. With a Manufactured Home Program, affordable financing is available for the acquisition and rehabilitation of manufactured home communities. With a SONYMA mortgage, residents on leased land in a park community may finance the purchase of new manufactured homes and installation of foundations or refinance their existing home.


Interested in applying for a SONYMA mortgage to purchase a manufactured home or refinance debt on your existing manufactured home? Contact the nonprofit housing agency in your geographic area to start a loan application:


The North Country:
Nonprofit Loan Packaging Agency: Housing Assistance Program of Essex County, Inc.
Contact: Kari Lauteschuetz, Administrative Assistant
Address: 103 Hand Avenue, P.O. Box 157, Elizabethtown, NY 12932
Phone: 518-873-6888
Email: [email protected]


The Capital Region:
Nonprofit Loan Packing Agency: Troy Rehabilitation and Improvement Program, Inc.
Contact: Caitlin Burns, Assistant Director of the HomeOwnership Center
Address: 409 River St , Troy, NY 12180
Phone: 518-272-8289 x 7224
Email: [email protected]


The Hudson Valley:
Nonprofit Loan Packaging Agency: Hudson River Housing
Contact: Lashonda Denson, Office Manager
Address: 313 Mill Street, Poughkeepsie, NY 12601
Phone: 845-454-9288
Email: [email protected]


The Central NY Region:
Nonprofit Loan Packaging Agency: Home Head Quarters, Inc.
Contact: Meghan Carroll, Manager of Mortgage Loan Operations
Address: 538 Erie Blvd. W., Suite 100, Syracuse, NY 13204
Phone: 315-474-1939 x 6650
Email: [email protected]


Western NY Region:
Nonprofit Loan Packaging Agency: Belmont Housing Resources for WNY, Inc.
Contact: Sandra Becker, Senior Housing Programs Manager
Address: 1195 Main Street, Buffalo, NY  14209
Phone: 716-884-7791  x114
Email: [email protected]


If there isn’t a nonprofit housing agency listed here for your geographic area, please email us at [email protected].


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Manufactured Home Advantage Program

​​​​​​The Manufactured Home Advantage Program offers two ways for park owners and residents to maintain affordable, modern, and attractive park communities across the state. With a Manufactured Home Park Preservation Loan, affordable financing is available for the acquisition and rehabilitation of manufactured home  communities. We can help park owners and buyers:

• Access Capital at below market rate

• Improve the condition of the park

• Increase the value of the park

The Manufactured Home Park Preservation Loan offers access to capital at a below market rate to existing park owners, for-profit companies, nonprofit affordable housing organizations, and resident-led cooperatives, to rehabilitate and/or purchase a manufactured home park community. To be eligible, park owners need to agree to keep the park community affordable and well-maintained and preserve lot rent affordability for park residents for the full term of the loan.