The State of New York Mortgage Agency, part of New York State Homes and Community Renewal. It offers first-time buyer mortgage programs and down payment assistance through participating lenders.

How much down payment help can I get?

It depends on the program, county and your income, and the amounts change. Check the current terms on the official agency site or with a participating lender.

Can my agent help me use these programs?

Yes. Your agent can work with a participating lender so your offers match the program's price limits and timeline.

First-Time Homebuyer Help in NJ and NY

By the MoveMatched editorial team · Last updated 2026-10-29

Both New Jersey and New York run state programs for first-time buyers. They can offer fixed rate mortgages and help with the down payment and closing costs. Amounts, income limits and price limits change, so this guide tells you where to look and how the process works, without quoting numbers that may be out of date.

New Jersey: NJHMFA

The New Jersey Housing and Mortgage Finance Agency, NJHMFA, offers first-time homebuyer mortgage programs through participating lenders. NJHMFA considers you a first-time homebuyer if you have not owned a home in the previous three years. Its programs offer 30 year fixed rate loans and can be paired with down payment assistance.

Income limits and purchase price limits apply and differ by county. Check the current figures on NJHMFA's homebuyer page or ask a participating lender.

New York: SONYMA

The State of New York Mortgage Agency, SONYMA, is part of New York State Homes and Community Renewal. Its main first-time buyer programs include Achieving the Dream and Low Interest Rate, and it offers down payment assistance that can be combined with them.

SONYMA programs also have income and purchase price limits that vary by area. Check the current terms on the HCR site and with a participating lender.

How to apply

Find a lender that participates in the state program. Both agencies list participating lenders.
Ask the lender to check your eligibility, including income, price limits and first-time buyer status.
Take any homebuyer education course the program requires.
Get pre-approved before you shop, so your agent knows your real price range.

Free help from HUD approved counselors

HUD approved housing counseling agencies can review your budget, credit and options, often at low or no cost. HUD's site explains how to find one.

Questions to ask a lender

Which state and federal programs am I likely to qualify for?
What is the total I will need at closing with and without assistance?
Does the assistance have to be repaid if I sell or refinance early?
How long does approval take with the state program?

Other help worth asking about

Each source has its own rules, and some cannot be combined. Your lender can tell you which ones work together for your situation.

Federal loan types such as FHA, VA and USDA loans, which have their own rules for down payment and eligibility.
Grants or assistance from your county or city. Some local governments run their own programs.
Employer homebuyer benefits. Some employers help with closing costs or offer lender discounts.
Seller credits. In some markets sellers agree to pay part of the buyer's closing costs.

Get ready before you shop

Check your credit reports for errors well before you apply.
Gather pay stubs, tax returns, bank statements and ID.
Avoid opening new credit cards or loans while you are applying.
Set a monthly budget that includes taxes, insurance and any association fees, not only the loan payment.
Keep the down payment money in your account and document where it came from.

Your agent and the program timeline

State programs can add steps, such as program approval and education, so build extra time into your offer. Tell your agent early that you plan to use a program. They can write offers with realistic dates and look for homes inside the program's price limits.

Questions people ask

Who counts as a first-time homebuyer in New Jersey?: NJHMFA considers you a first-time homebuyer if you have not owned a home in the previous three years. Check the program page for other requirements.
What is SONYMA?: The State of New York Mortgage Agency, part of New York State Homes and Community Renewal. It offers first-time buyer mortgage programs and down payment assistance through participating lenders.
How much down payment help can I get?: It depends on the program, county and your income, and the amounts change. Check the current terms on the official agency site or with a participating lender.
Can my agent help me use these programs?: Yes. Your agent can work with a participating lender so your offers match the program's price limits and timeline.