Best Mortgage Lenders in New York April 2026

Current Mortgage Rates in New York

In New York, current mortgage rates are slightly below the national average:

Fixed-rate mortgages:

• 30-year: Average around 6.08%, ranging from 5.78% to 6.89%.
• 15-year: Average around 5.36%, offering significantly lower overall interest cost if you qualify.
• 5-year ARM: Average around 6.09%, providing initial flexibility but potentially higher future rates.

Other loan types:

• FHA loans: Average around 6.38% for 30-year terms, making them an option for borrowers with lower credit scores.
• VA loans: Average around 6.04% for 30-year terms, offering competitive rates for veterans and active-duty service members.
• Jumbo loans: Average around 6.40% for 30-year terms, typically slightly higher due to exceeding conforming loan limits.

The Best New York Home Buyer Programs

SONYMA Achieving the Dream

SONYMA's Achieving the Dream Mortgage Program offers low-income, first-time homebuyers a range of benefits, including a very low fixed interest rate and down payment assistance.

Who Is It Available To? First-time homebuyers, with exceptions for eligible military veterans, household members, and those purchasing homes in designated Target Areas.

Income Limits: Yes.

Is It Only for First-Time Homebuyers? Primarily, yes, but exceptions exist for eligible military veterans and designated Target Areas.

Loan Options: Yes.

Is There Down Payment and Closing Cost Assistance? Yes.

The SONYMA Down Payment Assistance Loan (DPAL)

The SONYMA Down Payment Assistance Loan (DPAL) program offers financial support to buyers using a SONYMA mortgage, helping with down payment, closing costs, and mortgage insurance premiums.

Who Is It Available To? All buyers using a SONYMA mortgage program.

Income Limits: Yes, applicants must make a minimum cash contribution of 1% of the value of the property.

Is It Only for First-Time Homebuyers? Yes.

Loan Options: Yes.

Is There Down Payment and Closing Cost Assistance? Yes.

HomeFirst Down Payment Assistance Program

The NYC Department of Housing Preservation and Development's HomeFirst Down Payment Assistance Program offers eligible first-time homebuyers in the five boroughs of New York City up to $100,000 in forgivable second mortgage assistance.

Who Is It Available To? First-time homebuyers in New York City who meet specific eligibility criteria.

Income Limits: Yes.

Is It Only for First-Time Homebuyers? Yes.

Loan Options: Yes.

Is There Down Payment and Closing Cost Assistance? Yes, up to $100,000, in the form of a forgivable second mortgage.

Homes for Veterans Program

The Homes for Veterans Program, offered through the State of New York Mortgage Agency (SONYMA), provides fixed-rate mortgages with interest rates lower than standard SONYMA rates.

Who Is It Available To? U.S. military veterans, active-duty service persons, honorably discharged National Guardsmen, and honorably discharged Reservists who meet specific eligibility criteria.

Income Limits: Not listed.

Is It Only for First-Time Homebuyers? No, veterans and their spouses or co-borrowers do not need to be first-time homebuyers to qualify for this program.

Loan Options: Yes.

Is There Down Payment and Closing Cost Assistance? Yes.

Summary: New York Home Buyer Programs

Now that you're familiar with four of the many homebuyer assistance programs available in New York, you can begin exploring your options and determining which program best fits your needs.

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