Buyer guide
First-time home buyer guide for Rockland and Westchester
Buying a home in New York follows a fairly standard sequence. This page explains the usual steps, state programs from SONYMA, and the STAR school tax credit, using official sources checked on Nov 2, 2026.
This is general information, not legal or lending advice. Consult your attorney about the contract and your lender about financing and program eligibility.
The usual steps in New York
- Talk to a lender first. A pre-approval shows what you may be able to borrow and which loan programs fit.
- Find a home and agree on terms. In New York, an accepted offer is usually not binding until a contract is signed.
- Attorney review and contract: the seller's attorney typically prepares the contract and the buyer's attorney reviews and negotiates it. You sign it and pay a down payment deposit, usually held in escrow.
- Home inspection: buyers usually arrange an inspection, often before signing the contract. Other checks, such as well, septic, radon or pests, depend on the property.
- Mortgage commitment: after you apply, the lender orders an appraisal and reviews your documents, then issues a written commitment. Your contract may set a deadline for it.
- Title and closing: the title company searches the property's title, your attorney schedules the closing, and you do a final walk-through before signing and receiving the keys.
SONYMA mortgage programs
The State of New York Mortgage Agency (SONYMA), part of NYS Homes and Community Renewal, offers mortgage programs through participating lenders. You apply through a participating lender, not directly with SONYMA. Income and purchase price limits vary by county. Program details below are from the official HCR site as of Nov 2, 2026.
- Achieving the Dream: a 30-year fixed-rate mortgage for eligible low-income first-time buyers. HCR lists financing of up to 97% of value for qualified borrowers and homes, a minimum cash contribution of 1% (3% for co-ops and three- and four-family homes), and no points.
- Low Interest Rate: SONYMA's other main program, also for first-time buyers with income limits.
- Down Payment Assistance Loan (DPAL): available with any SONYMA mortgage. HCR lists a 0% interest rate, no monthly payments, forgiveness after 10 years, and a maximum of 3% of the purchase price (up to $15,000) or $3,000, whichever is higher.
- HCR also lists DPAL Plus, Remodel NY and Homes for Veterans. The first-time buyer requirement is waived for eligible veterans and for homes in federally designated Target Areas.
- HCR says applicants must complete a homebuyer education course, and that the home must be the buyer's primary residence.
The STAR credit
- STAR (School Tax Relief) lowers school taxes for eligible homeowners. New homeowners receive it as a STAR credit, a check or direct deposit from New York State; the STAR exemption is no longer available to new homeowners (NYS Department of Taxation and Finance).
- To be eligible for the Basic STAR credit, you must own the home on July 1, it must be your primary residence, and the combined income of the resident owners and their spouses must be $500,000 or less.
- Enhanced STAR is available when at least one resident owner is 65 or older, with an income limit of $110,750 for 2026 benefits.
- You must register with the Tax Department through its Homeowner Benefit Portal once your new home becomes your primary residence. You only need to register once.
Brendan's take
- I suggest choosing your attorney and lender early, since New York contract and commitment deadlines can move quickly once an offer is accepted.
- First-time buyers often ask me to walk through the inspection and closing steps in advance, and I'm happy to do that before you start touring.
Common questions
Do I need an attorney to buy a home in New York?
It is typical practice in Rockland and Westchester for buyers and sellers to each have their own real estate attorney, who reviews the contract and handles the closing. Consult an attorney about your purchase.
What is SONYMA?
The State of New York Mortgage Agency, part of NYS Homes and Community Renewal. It offers mortgage and down payment assistance programs through participating lenders. Ask a participating lender whether you qualify.
How do I get the STAR credit as a new homeowner?
Register with the NYS Department of Taxation and Finance through its Homeowner Benefit Portal once the home is your primary residence. As of 2026, the Basic STAR credit income limit is $500,000.
Is an accepted offer binding in New York?
Usually not until a contract is signed by both parties. Your attorney can explain the timing for your purchase.
Sources
- NYS Homes and Community Renewal, SONYMA mortgage programs (checked Nov 2, 2026)
- NYS Homes and Community Renewal, Achieving the Dream program (checked Nov 2, 2026)
- NYS Homes and Community Renewal, Down Payment Assistance Loan (DPAL) (checked Nov 2, 2026)
- NYS Department of Taxation and Finance, STAR eligibility (checked Nov 2, 2026)
- NYS Department of Taxation and Finance, Register for STAR (checked Nov 2, 2026)
Schedules, tax rates and programs change. Confirm details with the source before relying on them.
Buying your first home?
Call or text me to talk through the process at your own pace.