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 counseling and education program with 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. HomeFirst applications are submitted by the homeownership counselors after the one-on-one counseling session is completed.