12 Nov


Since 1970 SONYMA (State of New York Mortgage Agency) has had one mission – to make homeownership possible for low- to moderate-income residents. Thanks to our unique mortgage programs and finance options, thousands of New Yorkers have been able to purchase their first home.

SONYMA Mortgage Benefits & Features:

  • Competitive, fixed rate, 30-year mortgage with long-term locked rates.
  • Down payment assistance loan available: the higher of $3,000 or 3% of the home purchase price (up to a maximum of $15,000).
  • SONYMA mortgages can be combined with other government grants, employer benefits, nonprofit grants and other subsides.
  • As little as 3% down payment is required, with as little as 1% of the buyer’s own money needed.
  • SONYMA mortgages are available to purchase 1-4 family homes, co-ops and condos.
  • REMODEL NY option makes it possible to purchase and finance repairs and renovations.
  • NEIGHBORHOOD REVITALIZATION PROGRAM (NRP) provides up to a $20,000 subsidy to buyers purchasing a vacant home in specific areas of New York. This includes Manhattan, Brooklyn, Queens, Staten Island, the Bronx and Long Island. Homebuyers do not need to be purchasing a property for the first-time.
  • Homebuyer counseling is available from our nonprofit partners.
  • SONYMA lenders are located across the state and include major banks, credit unions and other financial institutions.

CONTACT:  Michelle Schimel (646) 793-0295 ~ Email:  Michelle.Schimel@nyshcr.org

Visit our website SONYMA.ny.gov for more details, and to find a lender and a housing counselor.


DPAL Flyer 2