New York State Division of Veterans' Affairs

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Homes for Veterans Program

This program, through 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 a first-time homebuyer.
  •  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 only 1% (the remaining 2% can come from a gift or other acceptable source).


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


In addition, any active duty service members, honorably discharged National Guardsmen, or honorably discharged Reservist, 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

More Information

For more information on the Homes for Veterans Program, visit the Homes for Veterans Program website at:


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