Achieving the Dream + Conventional Plus
What This Looks Like for a $350,000 Home in New York
How New York's First-Time Homebuyer Programs Work
SONYMA (State of New York Mortgage Agency) offers Achieving the Dream + Conventional Plus to qualifying first-time buyers in New York. Most New York buyers pair this with an FHA, VA, USDA, or Conventional 97 loan, using the DPA to cover the down payment, closing costs, or both. The DPA is structured as second mortgage (forgiven after 10y).
Eligibility requirements
Most New York HFA programs require: (1) you haven't owned a primary residence in the last 3 years, (2) household income under ~$156,000 (county-dependent), (3) minimum FICO score of 640-680, (4) the home is your primary residence, (5) you complete a HUD-approved homebuyer education course (typically online, ~6-8 hours).
How to apply for Achieving the Dream + Conventional Plus
You don't apply directly through SONYMA (State of New York Mortgage Agency) — you apply through one of their participating lenders. The agency lists approved lenders on their website. Get pre-approved with at least 2-3 of them: rates and fees vary, even within the same DPA program.
Combining New York DPA with federal loans
Pair Achieving the Dream + Conventional Plus with FHA (3.5% down, 580+ FICO) for the easiest qualifying. Veterans should use VA loans (0% down) — DPA still helps with closing costs. Rural buyers should check USDA (0% down). Buyers with 3-5% down and good credit can use Conventional 97 or HFA Preferred for lower mortgage insurance.
Other New York buyer benefits
Beyond DPA, ask your lender about: Mortgage Credit Certificates (MCC) for federal tax credits up to $2,000/year, employer-assisted housing programs (some New York employers offer additional grants), and city/county DPA stacking (cities like the largest metros in New York often add their own programs on top of state DPA).