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First-Time Buyer loans in New York

Quick answer

First-time buyers in New York can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from State of New York Mortgage Agency (SONYMA). On a $403,000 home, 3% down is about $12,090.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for New York

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical NY home value$403,000
3.5% down on typical home$14,105
20% down on typical home$80,600
Avg. effective property tax1.60%/yr (~$537/mo)
Income for typical home (31% rule)$136,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which New York programs pair with First-Time Buyer loans?

  • Achieving the Dream: Low-rate loans for lower-income first-time buyers.
  • Down Payment Assistance Loan (DPAL): A 0% deferred loan, forgiven after a set period, paired with a SONYMA mortgage.

Details and current limits: State of New York Mortgage Agency (SONYMA).

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in New York cities

First-Time Buyer in New York CityFirst-Time Buyer in BuffaloFirst-Time Buyer in RochesterFirst-Time Buyer in YonkersFirst-Time Buyer in SyracuseFirst-Time Buyer in AlbanyFirst-Time Buyer in New RochelleFirst-Time Buyer in CheektowagaFirst-Time Buyer in Mount VernonFirst-Time Buyer in SchenectadyFirst-Time Buyer in UticaFirst-Time Buyer in White PlainsFirst-Time Buyer in HempsteadFirst-Time Buyer in Tonawanda TownFirst-Time Buyer in LevittownFirst-Time Buyer in TroyFirst-Time Buyer in IrondequoitFirst-Time Buyer in Niagara FallsFirst-Time Buyer in BinghamtonFirst-Time Buyer in West SenecaFirst-Time Buyer in FreeportFirst-Time Buyer in HicksvilleFirst-Time Buyer in West BabylonFirst-Time Buyer in CoramFirst-Time Buyer in Valley StreamFirst-Time Buyer in Central IslipFirst-Time Buyer in BrightonFirst-Time Buyer in Kiryas JoelFirst-Time Buyer in ElmontFirst-Time Buyer in CommackFirst-Time Buyer in East MeadowFirst-Time Buyer in Long BeachFirst-Time Buyer in New CityFirst-Time Buyer in UniondaleFirst-Time Buyer in BaldwinFirst-Time Buyer in Huntington StationFirst-Time Buyer in Spring ValleyFirst-Time Buyer in OceansideFirst-Time Buyer in RomeFirst-Time Buyer in IthacaFirst-Time Buyer in PoughkeepsieFirst-Time Buyer in CentereachFirst-Time Buyer in Bay ShoreFirst-Time Buyer in Port ChesterFirst-Time Buyer in Franklin SquareFirst-Time Buyer in North TonawandaFirst-Time Buyer in MiddletownFirst-Time Buyer in HarrisonFirst-Time Buyer in NewburghFirst-Time Buyer in Saratoga SpringsFirst-Time Buyer in JamestownFirst-Time Buyer in Glen CoveFirst-Time Buyer in ShirleyFirst-Time Buyer in MonseyFirst-Time Buyer in Deer ParkFirst-Time Buyer in LindenhurstFirst-Time Buyer in OssiningFirst-Time Buyer in West IslipFirst-Time Buyer in AuburnFirst-Time Buyer in Elmira

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in New York through approved lenders, subject to county loan limits where they apply.

Often yes. State of New York Mortgage Agency (SONYMA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.