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.

 

 

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.

First Time Homebuyer Program – Financial Fitness Program

If you need to work on repairing your credit or building your savings, your counselor will recommend the Financial Fitness course. This is a five-week educational course that will change how you manage your money and credit. The course covers such topics as:

  • Assessing Your Financial Health
  • Setting and Achieving Financial Goals
  • Making Wise Consumer Decisions
  • Managing Your Taxes
  • Protecting Yourself and Your Family with Insurance

First Time Homebuyer Program – Free Homebuyer Orientation

Our free Homebuyer Orientation Seminars are designed to inform you about NHSNYC’s services, the steps to homeownership, and the resources available to you.

This informational session will help you answer the question, “Is Homeownership right for me?” At the end of the session you may complete the application for one-on-one counseling.

To attend one of these sessions, click here.

First Time Homebuyer Program – Homebuyer Education Course

This course provides you with the information that all first-time homebuyers should know in order to make well informed decisions and become an empowered and educated consumer. This course covers the following topics:

  • Are You Ready to Buy a Home?
  • Budget and Credit
  • Getting a Mortgage Loan
  • Shopping for a Home
  • Keeping your Home & Managing your Finances

The on-site course is taught by NeighborWorks® certified educators.

The Homebuyer Education course is also available online! This will provide you with the convenience of taking the course at your own pace, whenever it is convenient to you. This course takes approximately 8-10 hours and once you enroll, you may stop and start at any time. This online course is also a great way to become familiar with the home buying process even if you are not yet ready to get started. At the end of the course you will have to take a test, you will need to pass the test in order to graduate. Please click here to register and enroll in the online course.