Homes for Veterans Program

This program, through the State of New York Mortgage Agency (SONYMA), offers fixed-rate mortgages with interest rates 0.375% below the already low-interest rates charged on SONYMA mortgages with down payment assistance.

The Homes for Veterans Program features the following: 

• Veterans and their spouses or co-borrowers need not be first-time homebuyers.
• Interest rates that are 0.375% lower than standard SONYMA interest rates (for loans with down payment assistance). 
• Down payment assistance up to the greater of $3,000 or 3% of the home purchase price (not to exceed $15,000).
• No points or origination fees. 
• Minimum borrower cash contribution is only 1% (the remaining 2% can come from a gift or other acceptable source).

The Veteran must have served in the active military and been discharged under conditions other than dishonorable. 

• You must be either a U.S. military veteran or active duty serviceperson and be able to provide the following documentation with your application:
  • DD214 – Certificate of Release or Discharge from Active Duty or NGB Form 22 – Report of Separation and Record of Service
  • Leave and Earning Statement (required for all active duty U.S. military personnel)
  • Military ID Card (required for ALL active duty U.S. military personnel)
• Military Veteran's Eligibility Affidavit (SONYMA Form 243) is required only if an eligible veteran or their spouse or co-borrower is not a first-time homebuyer

In addition, any active duty service members, honorably discharged National Guardsmen, or honorably discharged Reservists, who are first-time homebuyers may take advantage of the program benefits if they are:

• A U.S. military personnel (including those currently serving in the reserves) stationed in New York State, regardless of discharge status)
• An active or honorably discharged National Guardsman
• An active or honorably discharged Reservist

To apply for a SONYMA loan, you must work with one of their participating lenders. Have a look at SONYMA's participating lender list to find the one that’s right for you.