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In order to eliminate
obstacles to achieving the dream of
homeownership, NHS offers down payment
and closing cost assistance with its
GAP & HAP Loans. These programs
are available
for qualified first time homebuyers so
that they can borrow part of their down
payment and/or closing costs.
For more information,
contact the NHS office nearest you.
HomeFirst Downpayment
Assistance Program
Many New Yorkers want
to buy a home but don't have enough
money saved for their down payment and
closing costs. As part of Mayor
Bloomberg's "New Housing Marketplace
Plan," the New York City Department of
Housing Preservation and Development
(HPD) created the HomeFirst Down Payment
Assistance program. It provides
qualified homebuyers with up to 6% of a
home's purchase price toward the down
payment or closing costs on a 1-4 family
home, a condominium, or a cooperative in
one of the five boroughs of New York
City.
To qualify for the
loan, a prospective homebuyer must meet
all of the following criteria:
- Be a first-time
homebuyer
- Complete a
homebuyer education course taught by
NHS or another HPD-approved
counseling agency
- Have his/her own
savings to contribute to the down
payment or closing costs
-
Meet program
income eligibility requirements
(click here for income
requirements)
- Purchase a 1-4
family home, a condominium, or a
cooperative for owner-occupancy in
one of the five boroughs of New York
City
Other criteria apply.
Please attend a Free Homebuyer Seminar
or
contact the NHS office nearest you
for more
information.
Grants
HOME Grants of up to
$25,000 are available to eligible
first-time homebuyers to assist with
making home buying affordable. These
monies are provided at the time of
closing to purchasers of cooperatives,
condominiums, single-or two-family
homes. You must meet the eligibility
criteria of being a low-income and a
first time homebuyer who will occupy the
property. Other eligibility criteria and
restrictions may apply. Please call NHS
Northern Queens, NHS Staten Island or
NHS North Bronx for further information.
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