1. Be a first-time buyer (unless you are an eligible military veteran or purchasing in a Target Area – find out if you are here);

2. Have good credit, stable employment, and sufficient income to make mortgage payment and other debt payments;

3. Plan to occupy the property as a primary residence (i.e., you can’t rent out the home or use it as a vacation home);

4. Sufficient cash, savings, or other assets for down payment, which is up to 3% of the price;

5. Meet regional income limits which vary by county.

1. Located in New York State;

2. At or under value limits set by SONYMA (e.g., in New York City, single-family homes can’t be valued over $1,110,400 in non-target areas or $1,357,160 in target areas);

3. Not intended for agricultural use;

4. Set on less than 5 acres and consist of at least 500 square feet of living space (some exceptions may apply);

5. Classified as a single family home, condo or co-op that (can be existing or newly constructed) or be a two, three, or four family home that is at least five years old and has been only used as a residence for the past five years;

6. If a two-family home located in a Target Area, it must be newly constructed or constructed within the five years prior to your loan application.

1. Be a first-time buyer (unless you are an eligible military veteran or purchasing in a Target Area);

2. Have good credit, stable employment, and sufficient income to make mortgage payment and other debt payments;

3. Plan to occupy the property as a primary residence (i.e., you can’t rent out the home or use it as a vacation home);

4. Sufficient cash, savings, or other assets for down payment, which is up to 3% of the price;

5. Meet regional income limits which vary by county.

1. Located in New York State;

2. At or under value limits set by SONYMA;

3. Not intended for agricultural use;

4. Set on less than 5 acres and consist of at least 500 square feet of living space (some exceptions may apply);

5. Classified as a single family home, condo or co-op that (can be existing or newly constructed) or be a two, three, or four family home that is at least five years old and has been only used as a residence for the past five years;

6. If a two-family home located in a Target Area, it must be newly constructed or constructed within the five years prior to your loan application.

● FHA loans are offered by private lenders but regulated and insured by the Federal Housing Agency. In other words, the FHA doesn’t lend money directly to buyers but oversees the terms of private lending by banks nationwide. Among other benefits, FHA loans allow for low down payments (as low as 3.5%) and lower qualifying credit scores than most conventional loans. To find an FHA lender near you, visit the FHA website. Notably, most private lenders do offer FHA loans.

● Other Federally Administered Home Loan Programs While not solely designed for first-time buyers, other popular federal home loan programs include the Veteran Affairs Home Loans, which offers low down payment loans to qualified veterans, and the FreddieMac and FannieMae home loan programs, which are not federal programs per se but are both federally sponsored enterprises (GSEs) designed to support prospective buyers. However, like many other first-time buyer programs, with FreddieMac and FannieMae, borrowers can’t make more than 100% of the area median income. Given the high cost of living in New York City, especially Manhattan, many New Yorkers who need assistance to purchase a home may still not qualify.