First-Time Home Buyer New York 2026
Your complete guide to buying your first home in New York. 2+ down payment assistance programs, FHA loans from 6.08%, and step-by-step guidance.
What First-Time Buyer Programs Are Available in New York?
New York offers 2 major first-time home buyer assistance programs. These include SONYMA Achieving the Dream, SONYMA Down Payment Assistance. Programs provide up to Below-market rate in down payment assistance through grants, forgivable loans, and below-market interest rates.
How Much Do I Need to Buy in New York?
You can buy a home in New York with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$14,875), and conventional loans start at 3% ($$12,750) on the median price of $425,000.
| Loan Type | Down Payment | $ Amount | Monthly P&I | Min Credit |
|---|---|---|---|---|
| VA Loan | 0% | $0 | $2,556 | 620 |
| USDA Loan | 0% | $0 | $2,625 | 640 |
| Conventional 3% | 3% | $12,750 | $2,546 | 620 |
| FHA Loan | 3.5% | $14,875 | $2,480 | 580 |
| Conventional 20% | 20% | $85,000 | $2,100 | 620 |
New York Down Payment Assistance Programs
SONYMA Achieving the Dream
Low-rate first mortgage for low-income buyers
SONYMA Down Payment Assistance
Up to $15K DPA as second mortgage
5 Steps to Buy Your First Home in New York
To buy your first home in New York, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.
Check Your Credit & Finances
Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In New York, you may need as little as $14,875 for an FHA down payment.
Get Pre-Approved
Compare rates from at least 3 lenders. Current New York rates: 6.28% (30-year), 6.08% (FHA). Pre-approval shows sellers you're serious and locks your rate.
Apply for New York DPA Programs
New York has 2+ DPA programs. The SONYMA Achieving the Dream offers up to Below-market rate. Apply early—funding can be limited.
House Hunt & Make an Offer
Popular cities in New York: New York City, Buffalo, Rochester, Syracuse, Albany. Median price is $425,000 (+5.5% YoY). Work with a local real estate agent who knows the market.
Close on Your New Home
Closing costs in New York typically run 2-5% of the purchase price ($12,750-$21,250). Some DPA programs also cover closing costs.
Start Your New York Home Buying Journey
Get pre-approved in minutes and see what you qualify for.
Get Pre-Approved NowNew York First-Time Buyer FAQ
What first-time home buyer programs are available in New York?
New York offers 2 major programs: SONYMA Achieving the Dream, SONYMA Down Payment Assistance. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.
How much down payment do I need in New York?
As little as $0 (VA/USDA), $$12,750 (3% conventional), or $$14,875 (3.5% FHA) on the median price of $425,000.
What income do I need to buy in New York?
Using the 28% rule, you'd need approximately $$106,287/year. The median household income in New York is $74,314.
What is the FHA loan limit in New York?
The 2026 FHA loan limit in New York is $1,149,825. The conforming loan limit is $1,149,825.