New York State · Subsidized loan

SONYMA Conventional Plus

HomeReady + DPA in one loan

Combines Fannie Mae HomeReady with SONYMA DPA in one application. Not limited to first-time buyers.

SONYMA's Conventional Plus program provides conventional financing with DPA for buyers who prefer a conventional loan over FHA. The program offers competitive rates without FHA's permanent mortgage insurance requirement.

AmountHomeReady + DPA in one loan

TypeSubsidized loan

Available inNew York

First-time buyer requiredNo

Minimum credit score620

Multi-unit eligibleYes — 1-4 units

House-hack eligible

This program can be used on 1-4 unit properties. Live in one unit, rent the others.

Programs that pair with this

FHA Loan Saves ~$33,000 on a $200K home vs 20% down

Federal · Subsidized loan

VA Loan $0 down + no monthly mortgage insurance

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NACA Program $0 down + $0 closing + $0 PMI + below-market rate

National · Nonprofit program

SONYMA DPAL $15,000

New York State · Forgivable loan

SONYMA DPAL Plus $30,000

New York State · Forgivable loan

SONYMA Achieving the Dream Below-market rate + 1% minimum out of pocket

New York State · Subsidized loan

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