What to Know
- There is a program administered by the City of New York that allows prospective homebuyers to receive down payment assistance on their first home.
- HomeFirst’s down payment assistance program provides qualified homebuyers with up to $100,000 toward the down payment or closing costs of a 1-4 family home, condominium, or cooperative in one of the five boroughs of the New York City.
- Here’s if you qualify
NEW YORK — There is a program administered by the City of New York that allows prospective homebuyers to receive down payment assistance on their first home.
HomeFirst’s down payment assistance program provides qualified homebuyers with up to $100,000 toward the down payment or closing costs of a 1-4 family home, condominium, or cooperative in one of the five boroughs of the New York City.
However, beyond being a first-time homebuyer, there are several requirements that a buyer must meet to be eligible.
You must meet these income requirements to qualify for a HomeFirst loan:
- First-time homebuyer, which means you cannot have owned a home for three years before buying a home using a HomeFirst loan;
- Complete a homebuyer education course taught by an HPD-approved counseling agency;
- Have savings to contribute to a down payment or closing costs;
- Meet the income eligibility requirements of the program;
- Make a minimum down payment of 3% of the purchase price for the purchase of the home, 1% of the contract deposit must come from the buyer’s own funds;
- Purchase a 1-4 unit family home, condominium, or owner-live cooperative in one of five New York City;
- Pass a Housing Quality Standards (HQS) inspection prior to purchase;
- Living in the home at least:
- 10 years if the loan received is less than or equal to $40,000
- 15 years if the loan is greater than $40,000
- Have a maximum family income of up to 80% AMI, as stipulated in the following chart:
| family size | 80% IAM |
|---|---|
| 1 | $74,800 |
| 2 | $85,450 |
| 3 | $96,150 |
| 4 | $106,800 |
| 5 | $115,350 |
| 6 | $123,900 |
| 7 | $ 132,450 |
| 8 | $141,000 |
For more information regarding the requirements or the process of enrolling in the program, visit the following pages: