The down payment assistance programs that are listed here are a sample of what is available for homebuyers in New York. This can be your starting point as you search for the right program for your family. Home Purchase and Refinance Loans

FHA Loan Programs for 2024

The most recognized 3.5% down payment mortgage in the country. Affordable payments w/good credit.

Are You Watching Your Credit Score?

- Improving Your Credit Score Has Never Been More Important - is a privately owned website, is not a government agency, and does not make loans.
FHA Home Loans

Choose a Loan Type is a privately owned website, is not a government agency, and does not make loans.

NY State Association of Realtors Housing Opportunities Foundation

Financial Assistance for Homebuyers in New York

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers help to purchase a home via the Housing Opportunities Foundation Individual Grant, designed to assist with closing costs and/or down payments.

Available Assistance
This assistance comes in the form of a grant with no requirement to be paid back and is available to low/moderate-income families in the state of New York. A gift of $2,000 is awarded to qualifying homebuyers to help cover down payments and closing costs normally associated with purchasing a home. If the closing occurs prior to the awarding of funds, the applicant will no longer be eligible to receive a grant. The grant funds will be available for 120 days following final approval by the Foundation.

Eligibility Requirements
Applicants must be first-time homebuyers as defined by The State of New York Mortgage Agency (SONYMA). This excludes anyone who has had ownership interests in a primary residence during the three years prior to the application date. Additionally, anyone who owns a vacation or investment home is also non-eligible. Applicant incomes must be no more than 110% of the SONYMA Low Interest Rate Program’s target income limit for the county. Applicants must be using a realtor to be eligible for this grant, but do not need to obtain a SONYMA home loan. Realtors representing themselves in their own homebuying transaction are ineligible.

Property Guidelines
Any home being purchased must serve as the applicant's primary residence. The purchase price must be no more than 110% of the SONYMA Low Interest Rate Program’s target purchase price limit for the applicant’s county.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down payment assistance programs and/or grants were researched by the team at Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.'s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

The City of Albany offers to its residents the Home Acquisition Program (HAP). It provides financial assistance to low income households with low annual incomes.  Funds can be put towards the down payment and closing costs of the home for a first-time homebuyer who resides in the property being purchased.

This program is in the form of a second mortgage and provides eligible applicants with a loan of up to 10 percent of the purchase price of the property in order to meet the down payment requirements. The loan has an interest rate of 4 percent with a 5-year term.

The Homebuyer Incentive Program (HIP) grants assistance of $15,000 and $20,000 to income- eligible applicants, in order to promote homeownership in Troy for low income homebuyers. Troy Rehabilitation and Improvement Program requires that all applicants must be first time homebuyers.

With the Federal Home Loan Bank of New York's Homebuyer Dream Program, participants can obtain a grant up to a $9,500 towards down payment and closing cost assistance to eligible first-time home buyers purchasing a home through one of their approved community- member lenders.  Additionally, the program offers up to $500 towards the defrayment of homeownership counseling costs.  

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers the opportunity to receive a grant, which is designed to assist with closing costs and/or down payments. The Housing Opportunities Foundation Individual Grant Program is in the form of a gift . Repayment is not required.

The Troy Homebuyer Incentive Program (HIP) makes funds available for down payment and/or closing cost assistance, via the Rensselaer Country Homebuyer Program.

The State of New York Mortgage Agency (SONYMA) Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding needed to purchase a home.

Do you know what's on your credit report?

Learn what your score means.