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Find similar grantsDown Payment Assistance Loan (DPAL) is sponsored by State of New York Mortgage Agency (SONYMA). 0% interest forgivable loan to cover down payment, closing costs, or mortgage insurance, paired with SONYMA mortgages for eligible homebuyers statewide.
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Down Payment Assistance Loan (DPAL) | Homes and Community Renewal Programs & Add-On Features Down Payment Assistance Loan (DPAL) Down Payment Assistance Loan (DPAL) One of the biggest financial hurdles faced by potential homeowners is the down payment and closing costs.
SONYMA’s Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding you need to purchase your first home. If you are required to carry mortgage insurance, a DPAL can be used to cover all or a portion of your premium, which can reduce your monthly mortgage payment significantly.
Minimum loan amount: $1,000 Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest Additional Considerations A Down Payment Assistance Loan cannot exceed your actual down payment and/or closing costs. Interest rates for first-time mortgages with a DPAL attached will be 0. 40% higher than mortgages without.
This higher interest rate does not apply to our Graduate to Homeownership, Homes for Veterans, or ENERGY STAR® programs. All or a portion of your Down Payment Assistance Loan may be required to be repaid if you sell your home or refinance your mortgage within the first 10 years of purchase. The amount subject to possible repayment will decrease by 1/120 per month each month you live in the property.
In the event the proceeds from the sale of your home is not enough to pay any repayable amount, the shortage will be forgiven. Regardless of which SONYMA program you apply for, you must make a minimum cash contribution of 1% of the value of the property (3% for cooperatives and 3- and 4-family properties).
DPALs may only be used in conjunction with a SONYMA mortgage and may be used for any property type eligible under your chosen mortgage program, including cooperatives. Cash back at closing is not allowed with a DPAL, except in special circumstances. SONYMA will not allow your DPAL to be subordinate to another mortgage.
Please remember that not all participating SONYMA lenders offer DPALs. Contact your preferred lender, or view our list of participating SONYMA lenders to find out more. Scroll back to the top of the page
Based on current listing details, eligibility includes: Eligible first-time or repeat buyers meeting SONYMA income and purchase price limits; NY residents buying owner-occupied homes. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates Funding amounts vary based on project scope and sponsor guidance. Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
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Review timelines vary by funder. Federal agencies typically take 3-6 months from submission to award notification. Foundation grants may be faster, often 1-3 months. Check the program's timeline in the official solicitation for specific dates.
Many federal programs offer multi-year funding or allow competitive renewals. Check the official solicitation for continuation and renewal policies. Non-competing continuation applications are common for multi-year awards.
SONYMA FHA Plus Program is sponsored by State of New York Mortgage Agency (SONYMA). The SONYMA FHA Plus program allows eligible home buyers to combine down payment assistance with an FHA loan for a primary residence. It provides funds to cover both the down payment, the up-front mortgage insurance premium (MIP) payment, and closing costs.
SONYMA Down Payment Assistance Loan (DPAL) is sponsored by State of New York Mortgage Agency (SONYMA). The DPAL program offers eligible borrowers down payment assistance via a second mortgage, provided it is used in conjunction with a current SONYMA program. Borrowers can also use these funds to pay for any applicable mortgage insurance premiums.