Remodel Program This New York down payment program is for first time home buyers interested in buying homes that need restoration should look into Remodel New York. Financing for the purchase price of the home and the cost of estimated renovations can be covered up to 97 percent; the remaining 3 percent of financing needs to come directly from the New York borrower. Financing comes in the form of a 30 year fixed rate loan. If a New York borrower cannot put New York down at least 20 percent New York down, New York borrowers must purchase private mortgage insurance. Only certain repairs are included under this program: plumbing, electrical, heating, siding, or other must fix items. Remodel New York can be paired with the New York down payment assistance program.