First Time Homebuyer Program – HomeFirst Downpayment Assistance Program

Neighborhood Housing Services of New York City, Inc. (“NHSNYC”) is the sole administrator for the New York City Department of Housing Preservation and Development’s (HPD’s) Homefirst p rogram. HPD created the HomeFirst Downpayment and Closing Cost Assistance Program to promote housing equality by assisting qualified low-and moderate-income homebuyers to purchase their first home. Under this HPD program, NHSNYC provides forgivable loans, which do not exceed $25,000, to first-time homebuyers who are below 80% of Area Median Income (“AMI”). The formula for determining the loan amount is 50% of the downpayment plus 100% of reasonable closing cost, not to exceed the lesser of 6% of the purchase price of the home or $25,000. Borrowers in the HPD program can receive assistance in the purchase of a 1-4 family home, a condominium, or a cooperative and will be subject to a ten-year owner-occupancy requirement. Prospective homebuyers must receive one-on-one sessions with homeownership counselors from HUD approved housing agencies to meet program eligibility requirements.

To qualify for the HPD HomeFirst program, 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.

 

 

First Time Homebuyer Program – HomeFirst Downpayment Assistance Program

Neighborhood Housing Services of New York City, Inc. (“NHSNYC”) is the sole administrator for the New York City Department of Housing Preservation and Development’s (HPD’s) Homefirst p rogram. HPD created the HomeFirst Downpayment and Closing Cost Assistance Program to promote housing equality by assisting qualified low-and moderate-income homebuyers to purchase their first home. Under this HPD program, NHSNYC provides forgivable loans, which do not exceed $25,000, to first-time homebuyers who are below 80% of Area Median Income (“AMI”). The formula for determining the loan amount is 50% of the downpayment plus 100% of reasonable closing cost, not to exceed the lesser of 6% of the purchase price of the home or $25,000. Borrowers in the HPD program can receive assistance in the purchase of a 1-4 family home, a condominium, or a cooperative and will be subject to a ten-year owner-occupancy requirement. Prospective homebuyers must receive one-on-one sessions with homeownership counselors from HUD approved housing agencies to meet program eligibility requirements.

To qualify for the HPD HomeFirst program, 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.

 

 

Community Resource Fair

Community Resource Fair

On June 10, 2017, NHSNYC held a Community Resource Fair to celebrate the grand opening of our South Bronx location in the Transit Workers Union (TWU) Counseling Center.  The NHSNYC office is located in the TWU center at 2475 Westchester Avenue and provides housing resources and services to all residents, regardless of union affiliation.  As part of the Community Resource Fair, NHSNYC staff and bank representatives provided information and services related to home buying, home improvement, and mortgage lending.

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Self-Help Tools & Resources

Money Management

FDIC MoneySmart Online Course

Free online course that covers the basics of banking and money management.

Take Charge of Your Credit

Many are unaware of the negative long-term impact that poor credit can have on their financial security and quality of life. The Ad Council has teamed up with The Consumer Bankers Foundation and the Leadership Conference on Civil Rights Education Fund to develop a campaign about simple steps you can take to improving your credit. Click here to learn more.

Protect Your Identity

The National Foundation for Credit Counseling and the Better Business Bureau provide identity theft prevention tips, videos, an interactive quiz to assess your risk of identity theft, and resources for victims. Click here for more.

My Money Financial Calculators

The U.S. Financial Literacy & Education Commission provides easy to use calculators and helpful resources to help you manage your financial future including budgeting and taxes, college planning, retirement planning, savings plans and life insurance. Click here for more.

Create and Manage Your Budget Online

PowerPay is a free service that allows you to create and manage your budget online. It also provides debt reduction tips and tools to help you pay down your debt. For more information click here.

Foreclosure Prevention

Guide to Avoiding Foreclosure

If you are having trouble paying your mortgage, take action now and educate yourself on how the foreclosure process works and the options available to you to help you prevent foreclosure. The U.S. Department of Housing and Urban Development (HUD) provides an online guide to foreclosure prevention resources. Click here to visit the HUD website for more.

Beware of Foreclosure Rescue Scams

Beware of any person or organization that asks you to pay a fee in exchange for foreclosure prevention counseling services or modification of a delinquent loan. Help is Free! Do not pay – walk away! Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt. Never submit your mortgage payments to anyone other than your mortgage company without their approval. For more information, click here to visit the Fannie Mae website. To get free help now, Click here.

Making Home Affordable

This is a federal program designed to help qualified homeowners lower their mortgage payments. Click here to learn more. An NHS foreclosure prevention counselor can provide you with free assistance in obtaining a Making Home Affordable modification, if you qualify. To get free help now, Click here.

Legal Resources

LawHelp/NY (www.LawHelp.org/NY) is an on-line tool for helping low-income New Yorkers solve their legal problems. The LawHelp/NY mission is as follows:

“LawHelp/NY provides, and promotes access to, high-quality online information about free legal services throughout New York, about legal rights in a broad range of substantive areas, about the court system, and about related advocacy, government and social service organizations. We are committed to providing information that is user-friendly, in English, Spanish, and other languages, in order to help low-income and other vulnerable New Yorkers achieve equal access to justice.”

LawHelp.org/NY is the only comprehensive source of legal referral information in the state and includes:

  • More than 600 free legal service projects & organizations with their contact & intake information.
  • Over 3,000 Know Your Rights and self-help resources covering 15 areas of law.
  • Extensive links to social service, advocacy and government organizations, information about the Court system.
  • Spanish mirror website and legal rights resources in more than 30 languages.

Home Improvement

Neighborhood Housing Services provides loans to homeowners for moderate interior and exterior repairs. Typical projects include roof repair, bathroom and kitchen renovation, electrical and plumbing upgrades, refurbishing of windows, walls and doors, and interior and exterior painting. You may be eligible if you own a house or apartment building from one- to four-units. Loan amounts range from $5,000 to $50,000. A construction services staff person will be assigned to your project to guide you through the process from preparing the scope of work to completion.


Gather the following documents that you will need to complete your loan application.

  • Proof of Ownership
  • Proof of Income
  • Proof of Homeowner’s Insurance (declaration page)
  • Real Estate Tax Statement (unless included in the mortgage)
  • Non-refundable Application Fee
  • Most recent Utility Receipts (Water & sewer, electricity, gas, telephone)

Request an appointment to make your application with one of the locations below.
NHS of Bedford Stuyvesant
NHS of East Flatbush
NHS of the North Bronx
NHS of the Northern Queens
NHS of the South Bronx
At your appointment the Loan Officer will determine your eligibility for the loan and coordinate your next steps.


Your loan officer will schedule a time for Construction Services to conduct an initial site inspection of your home. Your construction services specialist will develop a scope of work for your project and provide an estimated budget for the job.


The next step is to solicit bids from at least three contractors by providing them with the Scope of Work developed by NHS. You will then select the contractor that you would like to complete the work. The contractor you select must be licensed and properly insured. Instruct your contractor to submit directly to your NHS Loan Officer their license, Liability Insurance and Workers Comp Insurance.


To complete your application you must provide your loan office with the work estimate provided by the contractor of your choice and any additional documents requested by your loan officer. Upon approval of your loan by NHS, your Loan Officer will notify you of the closing. At the closing you will agree to the repayment terms of the loan and authorize NHS to pay your contractor on your behalf from the loan proceeds.


Depending on the size of the job, Construction Services will conduct one or more site inspections to ensure that work is being done before payments are released to the contractor. When your contractor has completed the work, NHS will perform a final inspection and issue a certificate of completion.

First Time Homebuyer Program – Homebuyer 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.

First Time Homebuyer Program – HomeFirst Downpayment Assistance Program

Neighborhood Housing Services of New York City, Inc. (“NHSNYC”) is the sole administrator for the New York City Department of Housing Preservation and Development’s (HPD’s) Homefirst p rogram. HPD created the HomeFirst Downpayment and Closing Cost Assistance Program to promote housing equality by assisting qualified low-and moderate-income homebuyers to purchase their first home. Under this HPD program, NHSNYC provides forgivable loans, which do not exceed $25,000, to first-time homebuyers who are below 80% of Area Median Income (“AMI”). The formula for determining the loan amount is 50% of the downpayment plus 100% of reasonable closing cost, not to exceed the lesser of 6% of the purchase price of the home or $25,000. Borrowers in the HPD program can receive assistance in the purchase of a 1-4 family home, a condominium, or a cooperative and will be subject to a ten-year owner-occupancy requirement. Prospective homebuyers must receive one-on-one sessions with homeownership counselors from HUD approved housing agencies to meet program eligibility requirements.

To qualify for the HPD HomeFirst program, 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.

 

 

First Time Homebuyer Program – Down Payment and Closing Cost Assistance

NHSNYC offers down payment and closing cost assistance loans and grants for first-time homebuyers. The two primary programs are the HPD HomeFirst Downpayment Assistance Grant and our own Downpayment and Closing Cost Loans. Your NHSNYC Counselor will determine the particular product for which you are eligible.


HPD HOMEFIRST PROGRAM

Neighborhood Housing Services of New York City, Inc. (“NHSNYC”) is the sole fiscal administrator for the New York City Department of Housing Preservation and Development’s (HPD’s) Homefirst Program. HPD created the HomeFirst Downpayment and Closing Cost Assistance program to promote housing equality by assisting qualified low- and moderate-income homebuyers in purchasing their first home. Under this HPD program, NHSNYC provides forgivable loans, which do not exceed $25,000, to first-time homebuyers who are below 80% of Area Median Income (“AMI”). The formula for determining the loan amount is 50% of the downpayment plus 100% of reasonable closing costs, not to exceed the lesser of 6% of the purchase price of the home or $25,000. Borrowers in the HPD program can receive assistance in the purchase of a 1-4 family home, a condominium, or a cooperative and will be subject to a ten-year owner-occupancy requirement. Prospective homebuyers must receive one-on-one sessions with homeownership counselors from HUD-approved housing agencies to meet program eligibility requirements.

To qualify for the HPD HomeFirst program, 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 downpayment 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.

 

 DOWNPAYMENT AND CLOSING COST LOANS

NHSNYC provides loans of up to $65,000 to assist First-Time Homebuyers with downpayment and closing costs. For details, see the Mortgages section under the Lending Tab.

First Time Homebuyer Program – Fast Track Homebuyer Program

The Fast Track Homebuyer Program is the program for first-time homebuyers who already have a purchase contract and a loan commitment from a bank. The program includes an accelerated version of the Homebuyer Education course as well as a review of your loan documents. The purpose of the Loan Document Review is to ensure that you understand the terms of your mortgage and to check for any red flags that could indicate a potential abuse of consumer protection laws and mortgage regulations.

The Fast Track Homebuyer Program is available by appointment only. For more information, please contact our NHSNYC office at 212-519-2504 or NHSNYC @ TWU Counseling Center at 929-371-3589 extension 6007.

First Time Homebuyer Program – Landlord Training

NHSNYC’s Landlord Training class is a two-hour seminar covering the basics of life as a landlord in New York City.

The course is designed specifically to help owners of two to four unit properties meet their legal obligations and offer a high-quality environment to tenants. Being a landlord is a significant time commitment and involves legal, financial and maintenance obligations. The NHSNYC Landlord Training will prepare you for the commitment and obligations, as well as help you select the right tenants.

For more information call 212-519-2504.