First mortgage programs ny

The Graduate to Homeownership Program offers down payment assistance to recent college graduates buying in certain New York State communities.

The Neighborhood Revitalization Program provides cash and financing assistance to buy and renovate vacant homes. Remember, the lender you work with may have additional borrower requirements than those stated in any SONYMA assistance program. They may include credit score minimums or other credit qualifications. More from NerdWallet. How much house can you afford? Compare New York mortgage rates. See the best New York mortgage lenders. National first-time home buyer programs.

Back to top. Down payment assistance is offered. Do Not Fill This. Skip to Main Content. NY Connects. NY Connects is your trusted place to go for free, unbiased information about long term services and supports in New York State for people of all ages or with any type of disability.

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Not even close. New York home buyers can often save money upfront using one of these low-down-payment mortgage programs:. Depending on the mortgage loan you choose, you could potentially get into your new home with minimal cash out of pocket. These programs even let you use gifted money or down payment assistance to cover the down payment and closing costs.

This includes affordable mortgage loans as well as down payment assistance. SONYMA has a list of approved mortgage lenders; you will have to get a home loan through one of those to fully participate in its programs. While these are loans rather than grants, both come with no monthly payments and charge zero interest.

Not sure if you qualify? When it runs out of money the program will be suspended until new funds are provided. So, if you want to take advantage of it, get your application in soon. But be sure to check out other homeownership programs in the area where you want to buy. Resources to find local grants are listed at the end of this article. You can also ask your real estate agent, Realtor, or loan officer about down payment assistance programs near you. Even between big cities in the Empire State, there are wide variations in real estate prices and mortgage payments.

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