Program guide
What to know before you click through
This is still the free fact layer. Open the official source when a detail affects eligibility, repayment, lender choice, or whether this path should stay on your shortlist.
Who qualifies?
Borrowers using an eligible SONYMA base mortgage such as Low Interest Rate or Achieving the Dream, Owner-occupant buyers financing the purchase and rehabilitation of an existing one- to four-family home or other eligible property type, Borrowers working with a SONYMA participating lender and a fully executed renovation contract, Buyers meeting the income, purchase-price, education, and underwriting rules of the paired SONYMA base mortgage
What support do you get?
Current SONYMA materials describe RemodelNY as purchase-plus-rehabilitation financing with a $1,000 minimum repair scope and no standalone statewide renovation cap; if DPAL is layered, current materials describe $3,000 or 3% of the combined purchase-and-repair basis, up to $15,000, whichever is higher.
Do you repay it?
Base mortgage repayment follows the paired SONYMA first mortgage. RemodelNY itself works through renovation escrow inside that mortgage structure, including contingency and draw rules. If DPAL is also layered, the DPAL piece keeps its own 10-year forgiveness and early sale or refinance recapture rules.
How do you apply?
Work with a SONYMA participating lender, choose an eligible SONYMA base mortgage, get under contract, provide a fully executed home-improvement contract before closing, complete any required homebuyer education, and then close into the renovation-escrow structure with lender, mortgage-insurer, and SONYMA review. Post-closing draws and completion deadlines follow the official RemodelNY term sheet.
Application timing
Closing follows SONYMA base-mortgage timing, while construction completion normally must occur within six months after closing unless SONYMA approves a written extension.
Official source evidence
Current SONYMA materials show RemodelNY remains a live statewide renovation-financing add-on with an independent official page and term sheet, but it must be paired with an eligible SONYMA base mortgage rather than treated as a stand-alone loan program.
View official source
Last verified
2026-04-23
current RemodelNY page verified 2026-04-23; official term sheet current PDF dated 2024-08-13
Paid preview
What paid access adds for SONYMA RemodelNY
See the shape of the comparison output, risk checks, lender questions, and next-step checklist before you decide whether this program is worth carrying into the paid layer.
Example paid output for this program. The free page stays visible either way.
Comparison preview
SONYMA RemodelNY
Amount: Current SONYMA materials describe RemodelNY as purchase-plus-rehabilitation financing with a $1,000 minimum repair scope and no standalone statewide renovation cap; if DPAL is layered, current materials describe $3,000 or 3% of the combined purchase-and-repair basis, up to $15,000, whichever is higher.
Repayment: Base mortgage repayment follows the paired SONYMA first mortgage. RemodelNY itself works through renovation escrow inside that mortgage structure, including contingency and draw rules. If DPAL is also layered, the DPAL piece keeps its own 10-year forgiveness and early sale or refinance recapture rules.
First-time buyer: Varies
Risk checks preview
What gets flagged before you call a lender
- SONYMA RemodelNY requires a participating lender.
- SONYMA RemodelNY can trigger repayment on sale or refinance.
Lender questions preview
Questions tied to this exact path
- Is your team approved to originate SONYMA RemodelNY for this household and loan setup?
- Which events trigger repayment for SONYMA RemodelNY: sale, refinance?
Action checklist preview
What you would do next
- Review the official RemodelNY page for SONYMA RemodelNY
- Ask whether your lender is approved for this exact program and loan structure.
