Down Payment Assistance Available in New York: Introducing DPAL Plus ATD
The State of New York Mortgage Agency (SONYMA) recently announced a new initiative to further promote housing affordability in New York. The Down Payment Assistance Loan Plus Achieve the Dream (DPAL Plus ATD) offers qualifying borrowers up to $30,000 to help overcome cash-to-close challenges when purchasing a home.
Down Payment Assistance Loan Plus Achieve the Dream (DPAL Plus ATD)
DPAL Plus ATD offers up to $30,000 to go towards closing costs, down payment, prepaids, and single premium mortgage insurance. Used in tandem with the existing Achieve the Dream program, this offering requires no monthly payments, 0% interest, and can be used with other subsidies.
Eligibility Requirements:
- Must meet income limit and other qualification requirements outlined in Achieve the Dream
- Max purchase price $500,000 or county limit, whichever is lower
- First-time homebuyer guidelines apply
- Single-family homes: Borrower must use their own liquid assets less the greater of 2 months’ PITI or $10,000 before using DPAL Plus ATD funds
- 2-4 family homes: Borrower must use their own liquid assets less the greater of 3 months’ PITI or $10,000 before using DPAL Plus ATD Funds
- Loans above 80% LTV must meet the borrower’s minimum cash contribution requirement
What is Achieve the Dream?
Designed to maximize affordability, Achieve the Dream offers significantly lower interest rates and minimal down payment requirements for low-income families in New York.
Program Highlights:
- Up to 97% financing
- No mortgage points or prepayment fees
- Rate lock up to 120 days for existing homes, 240 days for properties under construction
Eligibility requirements:
- Must meet first-time homebuyer requirements
- Must meet credit and income requirements
- Property must be located in New York State
- Property cannot exceed SONYMA’s geographical sales price limits
- Property type and usage limits apply
Closing Thoughts
Qualified borrowers may be eligible to receive up to $30,000 in down payment assistance, as well as significantly lower interest rates through DPAL Plus ATD.
This exciting offering provides substantial support to those looking to overcome some of the greatest barriers to homeownership. Give us a call or visit us online to determine if you and your family are eligible for DPAL Plus ATD today!