Mortgage Rates for Today

New York Assistance Programs

To purchase your dream home in the bustling city of New York, you can avail the best mortgage rates at Total Mortgage. Your house-hunting in New York comes to an end with us. We're not just lenders; we aim higher—to help clients achieve their residential aspirations. By leveraging our proficiency, maneuvering the intricacies of first-time home buyer programs or refinancing a home in the Empire State becomes simple. Allow our team to manage and investigate the current mortgage rates in New York and uncover individually customized home-first down payment assistance loans that are perfect for you.

If you have any questions about securing the best mortgage rates in New York, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

New York first-time homebuyer programs

The State of New York Mortgage Agency (SONYMA) provides various grants for first-time home buyers. Every person, from new graduates to do-it-yourselfers seeking help rehabilitating a house, can locate assistance.

SONYMA Achieving the Dream

Achieving the Dream from SONYMA offers low-cost, low-down-payment home mortgage loans for low-income first-time buyers. Qualifying requires meeting specified credit standards, work history requirements, income thresholds, and savings levels. The first-time home buyer program mandates a 3% down payment, with 1% contributed directly by the buyer. Notably, clients enjoy a 120-day lock for existing homes and a prolonged 240-day lock for homes still under construction.

SONYMA Low Interest

The Low-Interest program administered by SONYMA provides initial home purchasers residing in New York with a reduced interest rate on a fixed-rate loan. SONYMA mortgage rates are comparable to Achieving the Dream in terms of applicable standards and advantages. It allows maximum annual earnings ranging from $103,700 to $215,460, subject to household size and location.

SONYMA Homes for Veterans

U.S. military veterans, active-duty service members, and their spouses or co-borrowers can access affordable financing through SONYMA's Homes for Veterans program. No points or origination charges are imposed, and the minimum down payment is 3%, with 1% coming from the borrower's funds.


Remodel NY offers funding solutions explicitly tailored for first-time purchasers of properties requiring refurbishment. Their innovative financing package covers acquisition and betterment expenditures, rendering many fixes eligible for support. Structural rebuilding and hazard removal are incorporated amid countless other eligible endeavors.

Program Attributes:

  • Qualified clients may obtain up to 97% backing of the subsequently improved appraisal cost or the total procurement cost and approved redesigns.
  • $1,000 eligible repairs included.

SONYMA Neighborhood Revitalization

The Achieving the Dream program provides eligible borrowers further financing options through Neighborhood Revitalization to purchase or renovate primary homes in designated areas. Buyers can access up to $20,000 for renovation expenses.

SONYMA Graduate to Homeownership

Recent college graduates residing in Upstate New York's varied communities can access affordable mortgage assistance through the Graduate to Homeownership program. To qualify for the first-time home buyer grants in N.Y., graduates must be first-time homebuyers earning under the maximum income limit and commit to occupying the purchased home as their primary residence. SONYMA has deemed numerous regions across Upstate New York qualified communities for the program, like Capital Region, Finger Lakes, Mid-Hudson, etc.

New York down payment assistance

SONYMA Down Payment Assistance Loan (DPAL)

The SONYMA Down Payment Assistance Loan (DPAL) program provides eligible homebuyers with down payment help through a second mortgage that must accompany a current SONYMA program. Such grants for first-time home buyers can also cover mortgage insurance premiums, with a minimum of $1,000 and up to 3% of the purchase price not exceeding $15,000. DPAL borrowers have no interest or monthly obligations to pay, and after ten years of upholding SONYMA stipulations and residing in the home, the loan will be excused.

SONYMA Conventional Plus

SOYMA's Conventional Plus Program offers homebuyers a convenient way to purchase a home. Thanks to down payment assistance and an affordable HomeReady mortgage, the streamlined application allows borrowers to obtain both simultaneously. This first-time home buyer program in NYC also permits current homeowners to refinance into a more favorable loan. Qualifying applicants may secure reduced interest and sidestep added costs.


For those looking to purchase a home with a first-time home buyer program alongside an FHA loan, SONYMA FHA Plus provides an appealing alternative. This offering is available to initial and prior homeowners residing in New York who can blend aid for the down payment with an FHA-insured mortgage for a principal residence valued up to $647,200.

Other New York homebuyer assistance programs

New York City HomeFirst Down Payment Assistance Program

Owning property in the crowded metropolis of New York is an aspiration for numerous. Still, it tends to be unattainable due to the steep price tag associated with Manhattan real estate. However, the HomeFirst down payment assistance may help actualize that longing. Up to two-fifths of the acquisition cost of a domicile - whether a detached house, a condominium, or a cooperative apartment - totaling a maximum of $100,000 can be availed to contribute to the down payment or settlement charges.

City of Buffalo Down Payment and Closing Cost Assistance Program (DPCC)

Buffalo, a prosperous waterfront metropolis, offers significant financial support of up to $10,000 for qualifying first-time home purchasers. The first-time home buyer programs in Buffalo, NY, are in the form of an interest-free, pardonable advance. The credit is excused if the house continues as the primary home for half a decade. To be deemed qualified, one must:

  • Procure a single- or dual-family abode within Buffalo's city constraints.
  • Be a novice homebuyer and use the domicile as the principal place of residence.
  • Finish a complimentary buyer education program.
  • Earns somewhere between 50 and 80 percent

FHA Loans

FHA loans provide an inexpensive route to homeownership for those with poor credit ratings or insufficient finances for a down payment. Applicants need only contribute 3.5% of the home's purchase price and can qualify with a credit score 580.

VA Loans

V.A. loans crafted to benefit those in active military service, veterans, and surviving spouses of the fallen frequently bear reduced interest compared to conventional options.

USDA Loans

While USDA loans require buyers to settle in areas the government designates as rural, they reciprocate by not demanding any capital aside from closing fees be brought to the transaction.

HomeReady and Home Possible loans

First-time buyers were the focus of development for Fannie Mae and Freddie Mac's HomeReady and Home Possible loans, just like it was for the FHA. Both demand just 3% down and consider a broader range of incomes eligible compared to standard loans.

we’re right around the corner

We have branches across the country. Check to see if we’re in your neighborhood.