SONYMA Credit Is Due: Big News for First-Time Buyers

If you’ve been waiting for the right time to buy a home in New York, here’s some exciting news: the SONYMA Credit Is Due Program is back — and it comes with updated assistance options that make homeownership more affordable.

This program is designed specifically for first-time homebuyers — meaning you qualify if you have not owned a home in the last 3 years.

What Is the SONYMA Credit Is Due Program?

The State of New York Mortgage Agency (SONYMA) offers special mortgage products designed to help New Yorkers achieve homeownership. The Credit Is Due Program pairs a competitive interest rate with valuable down payment and closing cost assistance.

Two Assistance Options to Choose From

When you use the program, you can choose between two types of assistance:

 Option 1: Forgivable Assistance

• 3% of the purchase price (up to $15,000)

• 0% interest, no monthly payments

• Fully forgiven after 10 years (as long as you stay in the home)

 Option 2: Repayable Assistance

• 5% of the purchase price

• No cap (no maximum dollar limit)

• 0% interest, no monthly payments

• Repaid only when you sell, refinance, or after 30 years

Interest Rate Options

• 4.6% fixed rate (no assistance)

• 5.0% fixed rate (with assistance)

Why This Matters for Bronx & NYC Buyers

In today’s market, saving for a down payment is one of the biggest hurdles for homebuyers. The Credit Is Due Program lowers that barrier significantly for qualified first-time buyers.

• First-time buyers: Easier to qualify and compete.

• NYC market: Renters can transition into owners with less upfront cash.

• Flexibility: Pick forgiven or repayable assistance depending on your goals.

Bottom Line

The SONYMA Credit Is Due Program is back and stronger than ever — but it’s only available for first-time homebuyers who haven’t owned a home in the past 3 years.

If you’re ready to make the move, now’s the time to explore whether you qualify.

 Let’s See If You Qualify

To connect with me directly, contact me at 917-254-2103.
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