SONYMA Homes for Veterans Program | New York Housing 2025
SONYMA Homes for Veterans Program provides 0.375% interest-rate reduction + dpal and low‑rate financing to help New Yorkers purchase, improve, or refinance a home.
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Program Details
SONYMA Homes for Veterans Program is administered by the State of New York Mortgage Agency (SONYMA) or the
relevant local housing department to improve housing affordability statewide. Qualified borrowers obtain
favorable first‑mortgage interest rates and 0.375% interest-rate reduction + dpal for down‑payment, closing
costs, rehabilitation, or energy upgrades. The program may be paired with the SONYMA Mortgage Credit
Certificate for a federal tax credit of up to $2,000 per year. Borrowers must complete a HUD‑approved
education course and work with a SONYMA‑participating lender to reserve funds. Income and purchase‑price
limits align with 2025 HUD guidelines and vary by county. Properties must serve as the borrower’s primary
residence and meet SONYMA’s property standards. The agency reviews limits annually to keep pace with market
conditions. Loans are serviced locally, and post‑purchase counseling is available free of charge to support
long‑term homeowner success.
Eligibility Requirements
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Borrower household income must not exceed SONYMA’s 2025 county limits (available on hcr.ny.gov).
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Purchase price (after‑rehab value) must stay within SONYMA or local caps.
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Minimum 640 credit score (higher for conventional products); DTI ≤ 50 %.
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Homebuyer education completion certificate required before closing.
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Property must be a 1‑4 unit primary residence; condos/co‑ops allowed if SONYMA‑approved.
Program Benefits
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0.375% interest-rate reduction + DPAL reduces out‑of‑pocket cash at closing or funds repairs/energy upgrades.
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Fixed 30‑year interest rates often below market.
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May layer with SONYMA DPAL and Mortgage Credit Certificate for maximum savings.
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Free post‑purchase counseling and foreclosure prevention support.
How to Apply
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Review income and purchase‑price charts on hcr.ny.gov for your county.
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Contact a SONYMA‑participating lender to obtain pre‑approval and program reservation.
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Complete a HUD‑approved homeownership counseling course (online or classroom).
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Sign a purchase agreement, finalize underwriting, and lock SONYMA rate.
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Attend closing; grant/loan funds are wired to cover eligible costs. Move into the home within 60 days.
Program Overview
Category
State Program
Maximum Assistance
$0.38
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Related Resources
*Details are in the Mortgage Calculator*
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Licensed Mortgage Loan Officers
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Disclaimer
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs. The information provided on this website is for general informational purposes only and does not constitute financial, legal, or professional advice.