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Today’s Rates for First Time Homebuyers in New York

Monday, May 16, 2022

Mortgage rates are at 3.00% for the 30 year fixed loan program and at 2.56% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments.

New York City First Time Buyer Home Loan Programs

Interested in a buying a your first home in New York, New York, and curious about your financing options? Explore everything from government-backed, VA, and first time homebuyer assistance loans to mortgage tax credits and more in Lender411's comprehensive guide to New York City mortgage. 

New York City FHA Loans

FHA loans are insured by the Federal Housing Administration, and have long been a favorite option for New York first time homebuyers and homebuyers with smaller savings, thanks to their low down payment requirements and lenient credit standards. Take a look at current FHA loan facts and requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

New York City First Time Homebuyer Loan Programs

If you’re buying a home in New York for the first time, there’s help that’s available to you.  Here are some of the assistance programs you can use if you’re a first time New York City homebuyer:
HomeFirst Down Payment Assistance Program
The HomeFirst Down Payment Assistance Program will help you with up to $15,000 toward your down payment or closing costs in one of New York City’s five boroughs: Brooklyn, Manhattan, Staten Island, Queens and the Bronx. In order to be eligible, you must:
  • Be a first time homebuyer.
  • Complete an HPD-approved homebuyer education course.
  • Meet income eligibility requirements depending on family size and area of the home.
  • Contribute to the cost of the down payment.
  • Live in the home for at least 10 years.
  • Buy a condominium, 1-4 family home, or cooperative in one of New York City’s five boroughs.
  • Pass a Housing Quality Standards inspection prior to purchasing the home.

Learn more about the HomeFirst Down Payment Assistance option. 

New York City VA Loans

VA loans are insured by the Department of Veteran Affairs, or VA, and available exclusively to veterans of the United States Armed Forces. They feature benefits seen in no other program. To learn more about this program, visit Lender411's page for New York City VA loans

Statewide Grant and Assistance Programs

The State of New York Mortgage Agency provides a number of first time home buyer down payment help incetives to qualifying state residents:

  • Remodel New York - Facilitates purchases of homes in need of renovation by providing funds for both repairs and mortgage financing. A down payment assistance loan is available at 0% interest. 
  • Achieving the Dream - Provides lower interest rate loans to qualifying low income borrowers in New York. Down payment assistance of up to $15,000 is available. 
  • Construction Incentive Program - Participants may use this option to purchase homes undergoing rehabilitation or construction, often for energy efficiency. 
  • Low Interest Rate Program - Participants receive a low interest rate and rehab funds for homes financed through the Own It, Fix It New York! Home Mortgage. Down payment assistance of up to $15,000 is available.

Popular areas like New York City, Buffalo, Rochester and Albany are eligible. Visit the New York State Homes and Community Renewal (NYSHCR) site for more details about these programs including eligibility. 

user suit Lenders in: New York, New York.

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