Buying a home in New York: the help you may qualify for.

Down payment and closing cost help

From the State of New York Mortgage Agency (SONYMA).

• Down Payment Assistance Loan (DPAL)

  The greater of $3,000 or 3% of the price, up to $15,000

  0% with no payments, forgiven after 10 years, with a SONYMA mortgage.

• Homes for Veterans Military and heroes

  DPAL plus a lower rate

  For veterans and active military: a rate 0.40% below standard SONYMA rates with down payment help, and only 1% of your own cash required.

  Homes for Veterans details

Who qualifies: Income and price limits, through a SONYMA participating lender.

Property tax exemptions and credits

Exemptions lower your home’s taxable value or your bill. Most aren’t automatic: you apply with your local assessor. New York’s official exemptions information.

For homeowners who live in the home

• Basic STAR credit

  School tax savings for homeowners

  For homeowners with income up to $500,000 who live in the home. New buyers get STAR as a credit (a check) from the state.

  How to apply: Register with the NYS Tax Department. (New York State Department of Taxation and Finance)

For homeowners 65 and older

• Enhanced STAR (65 or older)

  A larger school tax savings

  For homeowners 65 or older with income up to $110,750 for 2026 benefits ($113,550 for 2027). The state can upgrade you automatically when you turn 65.

  How to apply: Through the NYS Tax Department or your assessor. (New York State Department of Taxation and Finance)

• Senior citizens and veterans exemptions (local)

  Varies by locality

  Many localities offer a senior exemption with income limits (which some localities may now set as high as $75,000), plus exemptions for veterans, disabled veterans and people with disabilities. A new 100% exemption for disabled veterans is available where adopted.

  How to apply: With your local assessor. (NY Real Property Tax Law)

Want to see which ones fit you? Answer a few questions in the property tax exemptions checker.

Your next steps

1. Work out a monthly cost you’re comfortable with in the home cost calculator. It also lists New York’s programs with the loans you may qualify for.
2. Talk with a free or low-cost HUD-approved housing counselor. Find one near you.
3. Ask each lender which of these programs they work with, and compare Loan Estimates from at least three.
4. Follow the step-by-step home buyer’s guide from budget to keys.

Common questions