Best First-Time Buyer Lenders in New York 2026: Top 9
Rachel Cohen
New York First-Time Buyer Specialist | 19+ Years Experience
January 23, 2026
Looking for the best first-time buyer lenders in New York? NY has 50+ DPA programs offering $10K-$60K in down payment assistance. These 9 lenders specialize in helping NY first-timers navigate the complex market.
6.15%
Avg FTB Rate
$650K
Median Home Price
50+
DPA Programs
$60K
Max DPA
🏆 Top 9 First-Time Buyer Lenders New York 2026
Better.com - Best First-Time Buyer Lender New York
11,000+ NY FTB loans
Why #1:
- 🚀 Digital-first (perfect for NYC millennials)
- 💰 Competitive rates: 6.05%-6.25% APR
- ⚡ Close in 28 days average
- 📍 Knows all NY DPA programs
- 🎯 3% down conventional + FHA options
Best For:
Tech-savvy NY first-timers who want speed + low rates
💰 Top New York DPA Programs 2026
1. SONYMA Achieving the Dream
STATEWIDEDown Payment Assistance:
Up to $15,000 (3% of purchase price)
Income Limits:
Varies by county ($115K-$165K)
2. NYC HomeFirst Down Payment
NYC ONLYDown Payment Assistance:
Up to $40,000 (forgivable loan)
Income Limits:
$115,000 (1-2 person) | $132,000 (3+ person)
3. Buffalo HOME Program
BUFFALODown Payment Assistance:
Up to $10,000 (0% interest loan)
Income Limits:
80% AMI ($68,000 for family of 4)
📊 NY First-Time Buyer Costs by Region 2026
| Region | Median Price | 3% Down | With $40K DPA |
|---|---|---|---|
| NYC (Brooklyn) | $950,000 | $28,500 | $0 (DPA covers) |
| NYC (Queens) | $750,000 | $22,500 | $0 (DPA covers) |
| Buffalo | $220,000 | $6,600 | $0 (DPA covers) |
| Rochester | $185,000 | $5,550 | $0 (DPA covers) |
❓ FAQ: NY First-Time Buyers 2026
How much do I need to buy a home in NYC?
Example: $750,000 condo in Queens
Without DPA:
- 3% down: $22,500
- Closing costs: $15,000-$22,500
- Total: $37,500-$45,000
With NYC HomeFirst DPA ($40K):
- Down payment covered: $0
- Closing costs: $15,000-$22,500
- Total: $15,000-$22,500 (63% savings!)
What is the NYC HomeFirst program?
NYC HomeFirst provides up to $40,000 in down payment assistance.
Key Details:
- Amount: Up to $40,000 (forgivable after 10 years)
- Eligible: First-time buyers in NYC
- Income limits: $115K (1-2 person) | $132K (3+ person)
- Property types: 1-4 unit homes, condos, co-ops
- Requirement: Live in home as primary residence