New York first-time homebuyer assistance programs

1 day ago 3

Andrew Dehan

Fri, January 16, 2026 astatine 11:14 AM CST 12 min read

New York is 1 of the astir costly states to bargain a location successful the U.S., driven by precocious prices successful New York City, Westchester and Long Island. As of Dec. 2025, the median location income terms has accrued 3.6% from the twelvemonth prior, according to Redfin, though that’s down from a five-year precocious successful July 2025. But adjacent the Empire State has programs to code affordability challenges for would-be homeowners, including first-time homebuyers. Here’s an overview.

Median location income price, arsenic of Dec. 2025 (Redfin): $561,100
Median down payment, arsenic of Oct. 2025 (ATTOM): $70,000
Most affordable counties, arsenic of Jan. 2026 (ATTOM): Allegany, Cattaraugas, Chemung, Chenango, St. Lawrence, Steuben

The State of New York Mortgage Agency (SONYMA) offers respective types of assistance programs listed beneath for first-time homebuyers — everyone from assemblage grads to DIYers who request enactment restoring a location tin find help. SONYMA defines first-time homebuyers arsenic those who haven’t owned a superior residence successful 3 years and who don’t presently ain 2nd homes present oregon abroad.

For low-income first-time homebuyers, the Achieving the Dream programme provides entree to low-cost, debased down outgo owe financing. Borrowers indispensable conscionable definite credit, employment history, income and savings requirements to qualify. There is simply a 3% down outgo request (with 1% of that required to beryllium contributed by the borrower).

Requirements
- Must beryllium a first-time purchaser oregon qualified seasoned purchasing successful a people area
- Home indispensable beryllium a superior residence
- Must implicit a homebuyer acquisition course
- Open to single- and multi-family homes, including condos and co-ops
- Must not transcend acquisition terms limits, which alteration by region
- Must not transcend determination income limits, which alteration by county

Pros and cons

Pros
- Can beryllium utilized with different authorities grants and subsidies with nary limit
- Comes with a 120-day complaint fastener if you’re buying an existing location oregon a 240-day fastener for a location nether construction.
- Open to aggregate spot types
Cons
- Must lend 1% of ain funds toward down payment
- Property cannot beryllium utilized for cultivation work
- Program funds are constricted and disposable connected a first-come, first-served basis

SONYMA’s Low Interest programme offers a little involvement complaint connected a fixed-rate owe for first-time homebuyers successful New York State. The programme is precise akin to the Achieving the Dream program, with galore of the aforesaid requirements and benefits. The large quality betwixt the 2 programs is that SONYMA’s Low Interest programme has higher household income limits.