Down Payment Assistance
Down Payment Assistance in New York (2026)
New York homebuyers can access up to $15,000 in down payment assistance through the State of New York Mortgage Agency (SONYMA). On the state's $487,737 median home price, that covers roughly 15% of a standard 20% down payment. New York has 2 state DPA programs total.
New to this? Quick definitions
- DPA —
- down payment assistance. Money — as a grant or loan — that helps cover the upfront cash you'd otherwise need to buy a home.
- Grant vs. loan —
- a grant is money you never repay. A loan (forgivable, deferred, or repayable) can come with strings attached, even at 0% interest.
- Forgivable loan —
- the balance is wiped out over time if you stay in the home — but it's still a real loan until then, and selling or refinancing early can trigger repayment.
- Deferred loan (silent second) —
- a second loan on your home with no monthly payments, often called a "silent second" because you won't notice it until you sell, refinance, or pay off your first mortgage — that's when it comes due.
- AMI —
- Area Median Income. The midpoint household income for your county, used to set eligibility — programs list limits as a percentage of AMI (e.g. 80% of AMI).
- Income limit —
- the maximum household income you can earn and still qualify, based on where you live and how many people are in your household.
- Purchase price cap —
- the maximum home price a program will help you buy — homes priced above the cap don't qualify, even if your income does.
Do you likely qualify?
The SONYMA Down Payment Assistance Loan (DPAL) caps the home purchase price at $726,200 — check that cap against homes you're considering, and the county income limit below.
Primary Program: SONYMA Down Payment Assistance Loan (DPAL)
maximum assistance
0% interest, no monthly payments. Repaid when you sell, refinance, or pay off the first mortgage — this is sometimes called a "silent second" because you won't notice it until then.
- Administering Agency
- State of New York Mortgage Agency (SONYMA)
- Purchase Price Cap
- $726,200
Additional New York DPA Programs
NYC Housing Connect
Deferred Loan0% interest, no monthly payments. Repaid when you sell, refinance, or pay off the first mortgage — this is sometimes called a "silent second" because you won't notice it until then.
Apply / Learn MoreHow Down Payment Assistance Works
Most state DPA programs are layered on top of a first mortgage — you apply through an approved lender who originates both the primary loan and the DPA second lien at the same closing. The DPA funds reduce the cash you need upfront.
Grants
Free money — no repayment ever. Typically the smallest amounts but highest value.
Forgivable Loans
Balance forgiven after a set period (usually 3–15 years) if you stay in the home. Selling early triggers repayment.
Deferred Loans
No monthly payments. Balance due when you sell, refinance, or pay off your mortgage.
Mistakes first-time buyers make
- Assuming you don't qualify without actually checking the income limit for your county and household size.
- Treating a "forgivable" loan as free money — it can still come due in full if you sell or refinance before the forgiveness term ends.
- Stacking programs incorrectly, or assuming state and local programs combine automatically without confirming with your lender.
- Skipping the required homebuyer education course, which can delay or disqualify your application at closing.
Pro tips
- Talk to a HUD-approved housing counselor first — it's free and they know every program you may qualify for, not just the state's.
- Apply for mortgage pre-approval alongside your DPA program application; most DPA funds are disbursed through an approved lender at the same closing.
- Check local city and county programs in addition to the state program above — many are stackable and cover different costs.
- Ask exactly what triggers repayment on any loan-based assistance before you sign, not after.
Down Payment Calculator
Down Payment Planner
New York median pre-loaded
Your Savings Plan
Timeline
16.3 yrs
saving $500/mo
No PMI at 20% down
20% or more avoids private mortgage insurance entirely.
Estimate only — does not include investment returns on savings.
Full Calculator →The First Mortgage and Closing Taxes This Assistance Has to Cover in New York
Real estate transfer tax (plus the additional tax, known as the mansion tax)
New York State charges a 0.4% real estate transfer tax ($2 per $500) paid by the seller, plus a buyer-paid 1% mansion tax on homes of $1 million or more. New York City adds its own RPTT of 1% to 1.425% on homes and state-administered supplemental taxes on residential sales of $2 million or more. (N.Y. Tax Law Article 31 (§ 1402 et seq.)). (New York State Department of Taxation and Finance, retrieved 2026-09-14) Under that schedule a $487,737 sale owes $1,951, which the statute puts on the seller.
New York City Real Property Transfer Tax (RPTT), in addition to the state tax: residential one- to three-family houses, condo units and co-op apartments (Residential Type 1 and 2) 1% if $500,000 or less, 1.425% if more than $500,000; all other transfers 1.425% if $500,000 or less, 2.625% if more than $500,000. Applies when the transfer exceeds $25,000. (New York City Department of Finance, retrieved 2026-09-14)
Mortgage recording tax
New York taxes the recording of a mortgage: a 0.50% basic tax, 0.25% special additional tax and a 0.25% (0.30% in the MCTD) additional tax, plus 0.25%-0.50% local mortgage taxes in NYC, Yonkers and some counties. It is paid at recording to the county recording office. (N.Y. Tax Law Article 11). (New York State Department of Taxation and Finance, retrieved 2026-09-14)
Frequently Asked Questions
What down payment assistance is available in New York?
New York's primary DPA program is the SONYMA Down Payment Assistance Loan (DPAL), administered by the State of New York Mortgage Agency (SONYMA). It provides up to $15,000 as a deferred loan. 0% interest, no monthly payments. Repaid when you sell, refinance, or pay off the first mortgage — this is sometimes called a "silent second" because you won't notice it until then. Additional programs include NYC Housing Connect.
How much down payment do I need in New York after using DPA?
On a $487,737 home (New York median), a 20% down payment is $97,547. With the SONYMA Down Payment Assistance Loan (DPAL) covering $15,000, your remaining gap would be $82,547. Many buyers combine DPA with a 3–5% conventional or FHA loan to reduce their cash needed further.
Do I have to repay New York down payment assistance?
0% interest, no monthly payments. Repaid when you sell, refinance, or pay off the first mortgage — this is sometimes called a "silent second" because you won't notice it until then.
Can I combine New York DPA with other assistance programs?
Yes — New York's DPA programs can generally be combined ("stacked") with local city and county assistance programs, employer homebuyer benefits, and federal programs. Check with an approved lender or HUD-approved counselor to identify all programs you qualify for.
What are the income limits for New York down payment assistance?
The SONYMA Down Payment Assistance Loan (DPAL) does not publish its income limit as a single percentage of AMI; limits are set in dollars by county and household size. Check the State of New York Mortgage Agency (SONYMA) website for current limits in your area.
Related Calculators
Home Affordability Calculator
See how much home you can afford in New York
PMI Calculator
Estimate private mortgage insurance on lower down payments
New York First-Time Buyer Programs
State mortgage programs with low rates and low down payments
Mortgage Payments by Price
See full PITI costs for 8 home prices in New York, from $200K to $750K
What to do next
Down payment assistance is one piece of the puzzle. Here's where to go depending on where you are in the process.
Not sure if you qualify?
Check the State of New York Mortgage Agency (SONYMA) income limits above before ruling yourself out — many buyers qualify without realizing it.
Want the full true cost picture?
DPA covers the down payment, not your ongoing costs. See the true cost of owning a home in New York for the full monthly picture.
Ready to apply?
Most DPA funds are disbursed through an approved lender at closing — get pre-approved and ask specifically about SONYMA Down Payment Assistance Loan (DPAL) when you apply.