New SONYMA Program Offers 0% Interest Assistance for Homebuyers: Introducing the Repayable Second Lien (RSL)
Buying a home in today’s market can feel challenging—especially when saving for a down payment and covering closing costs at the same time. But there’s great news for New York homebuyers: SONYMA has just launched a brand-new program designed to make homeownership more accessible and affordable.
Front and center is what every buyer loves to hear:
0% Interest Rate
The program is called the Repayable Second Lien (RSL), and it provides buyers with up to 5% of the purchase price to help with down payment and closing costs—all at 0% interest and with no monthly payments.
Here’s everything you need to know.
What Is SONYMA’s Repayable Second Lien (RSL)?
The RSL is a new form of down payment and closing cost assistance offered by the State of New York Mortgage Agency (SONYMA). It’s designed to bridge the gap between what buyers can save and what they need upfront to purchase a home—especially helpful for first-time buyers or those working with tight budgets.
The RSL acts as a second lien on the home, but unlike traditional loans, it carries:
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0% interest
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No monthly payments
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Flexible repayment triggered only at major milestones
This makes it one of SONYMA’s most accessible assistance tools to date.
How Much Assistance Can You Get?
The program offers:
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Minimum assistance: $3,000
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Maximum assistance: Up to 5% of the net purchase price
This money can be applied directly toward:
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Your down payment
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Closing costs, including fees, escrows, and prepaid items
For many buyers, this could mean the difference between waiting another year and buying right now.
When Do You Repay the RSL?
Unlike many assistance programs, the RSL requires no monthly payments. Instead, the second lien is repaid only when one of the following occurs:
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You sell the property
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You refinance your first mortgage
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You pay off your first mortgage
Until then, the loan sits quietly in the background at 0%, helping you get into your home with less cash upfront.
Eligibility and Income Limits
The RSL follows the same income guidelines as SONYMA’s two most popular programs:
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Achieving the Dream
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Low Interest Rate Program
This keeps qualification straightforward and familiar for many buyers already exploring SONYMA options.
Do note: The first mortgage rate will be 0.40% higher than the standard SONYMA rate—but the added upfront assistance often far outweighs the cost of the rate adjustment.
Why Buyers Are Excited About This Program
The Repayable Second Lien opens the door for buyers who:
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Have stable income but limited savings
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Want to secure a home with fewer upfront expenses
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Prefer no added monthly obligations
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Need help covering the rising costs of down payments and closing fees
With 0% interest and flexible repayment, the RSL lets buyers focus on homeownership—not on extra loan payments.
How The Anthony Butera Team Can Help
Our team has extensive experience guiding buyers through SONYMA loans and assistance programs. We understand the requirements, timelines, and strategies that help you maximize your benefits—especially with programs like the new RSL.
If you’ve been thinking about buying in 2025, this program could be your opportunity.
Reach out to The Anthony Butera Team today, and we’ll walk you through your options, connect you with trusted lenders, and help you determine whether the RSL is the right fit for your homeownership goals.
