Buying a home in New York is expensive — whether you're looking at a $250,000 house in Buffalo or a $700,000 condo in Brooklyn. But SONYMA (the State of New York Mortgage Agency) has been quietly helping New Yorkers buy homes for over 50 years, and their programs are some of the most generous in the country.
I've worked with New York buyers across the state — from the Bronx to Buffalo — and SONYMA consistently saves my clients $8,000-$20,000 compared to going with a standard mortgage. The below-market rates alone can save you $150-$300/month, and the $15,000 down payment assistance is a game-changer.
But SONYMA is also one of the more complex state programs. The income limits vary wildly by region, there are multiple program options, and the application process has specific requirements. Let me break it all down.
SONYMA Programs at a Glance (2026)
| Program | Down Payment | Rate | Best For |
|---|---|---|---|
| Achieving the Dream | 3% (conventional) | Below market | Buyers with limited savings |
| Low Interest Rate | 3-10% | Lowest SONYMA rate | Buyers who want the best rate |
| FHA Plus | 3.5% (FHA) | Below market | Lower credit score buyers |
| Homes for Veterans | 0% (VA) | Discounted rate | NY veterans |
| DPAL (Add-On) | Up to $15,000 DPA | 0% interest | Anyone using SONYMA first mortgage |
Current SONYMA Interest Rates (Early 2026)
SONYMA rates are typically 0.375-0.75% below conventional market rates. As of early 2026, here are the approximate ranges (rates change periodically — check hcr.ny.gov/sonyma for the most current rates):
| Program | SONYMA Rate | Market Rate (Comparison) | Savings |
|---|---|---|---|
| Low Interest Rate | ~5.375% | ~6.125% | 0.75% |
| Achieving the Dream | ~5.750% | ~6.125% | 0.375% |
| FHA Plus | ~5.875% | ~6.250% | 0.375% |
| Homes for Veterans | ~5.250% | ~5.875% | 0.625% |
What 0.75% Savings Actually Means
On a $400,000 loan over 30 years:
2026 SONYMA Income Limits by Region
New York has some of the widest income limit variations in the country. NYC limits are nearly double upstate limits, reflecting the massive cost-of-living difference:
| Region | 1-2 Person | 3+ Person | Purchase Price Limit |
|---|---|---|---|
| NYC (5 Boroughs) | $172,000 | $214,000 | $795,000 (1-family) |
| Nassau/Suffolk (Long Island) | $172,000 | $214,000 | $795,000 |
| Westchester/Rockland | $172,000 | $214,000 | $795,000 |
| Albany Metro | $115,000 | $143,000 | $424,100 |
| Buffalo/Rochester | $105,000 | $130,000 | $424,100 |
| Syracuse/Utica | $105,000 | $130,000 | $424,100 |
| Rural Upstate | $97,000 | $120,000 | $424,100 |
NYC buyers note: The $795,000 purchase price limit makes SONYMA viable even in Manhattan, Brooklyn, and Queens for condos and co-ops. In the outer boroughs and upstate, SONYMA covers the vast majority of available homes.
The DPAL: $15,000 in Down Payment Assistance
SONYMA's Down Payment Assistance Loan (DPAL) is one of the best DPA programs in the Northeast. Here's how it works:
Looking for a SONYMA-approved lender? Compare lenders who offer SONYMA programs — not all lenders participate, so finding the right one matters.
Find a SONYMA-Approved Lender
Compare lenders who specialize in New York state programs and SONYMA loans.
Compare NY Lenders →SONYMA Eligibility Requirements
Frequently Asked Questions
What is SONYMA?
The State of New York Mortgage Agency — provides below-market mortgages and up to $15,000 DPA to first-time NY home buyers.
What are SONYMA income limits for 2026?
NYC/suburbs: up to $172,000-$214,000. Upstate: $97,000-$130,000. Varies by region and household size.
What are current SONYMA rates?
Approximately 5.375-6.00% depending on program — typically 0.375-0.75% below market rates. Check hcr.ny.gov/sonyma for current rates.
How much DPA does SONYMA offer?
Up to $15,000 or 3% of purchase price (whichever is less) through the DPAL — 0% interest, no monthly payments.
Do I have to be a first-time buyer?
Yes, with exceptions for target area buyers and veterans.
Can I use SONYMA for a co-op in NYC?
Yes! SONYMA is one of the few programs that works with co-ops, condos, and 1-4 family homes in NYC.
Ready to Buy in New York?
Get pre-approved with a SONYMA-approved lender and save thousands on your first home.
Get Pre-Approved Today →