HomeFirst Down Payment Assistance

Housing | NYC Housing Preservation and Development (HPD)

All New Yorkers regardless of legal statusEveryoneFamiliesImmigrantsPeople with disabilitiesPregnant & new parentsSeniorsVeteransNULL

Home First gives qualified homebuyers up to $100,000 toward the down payment or closing costs of a home.

Heads Up

  • You can use the HomeFirst loan for a 1-4 family home, condominium, or cooperative. You must buy in one of the five boroughs of New York City.
  • The maximum HomeFirst loan amount is $100,000. The formula for determining the maximum HomeFirst loan amount is 20% of the purchase price of the home or $100,000, whichever is less.
  • To get a HomeFirst loan, you need to meet eligibility criteria for income limits and more. Maximum household income may not exceed 80% of the Area Median Income (AMI). You will also have to get a mortgage from a Lender participating in the HomeFirst Program.
  • You can get help applying for a HomeFirst loan from a Counseling Agency in any of the five boroughs. Counselors can:
  • enroll you and certify your completion in a Homebuyer Education class.
  • certify income eligibility.
  • counsel you about program requirements.
  • refer you to participating lenders for pre-approval.
  • You will not have to make loan repayments if you follow certain criteria.
  • (https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf) See all the conditions of the HomeFirst loan.

    • Eligibility

    You will need to meet these income requirements to qualify for a HomeFirst loan:

  • Family Size|Maximum Household Income (80% AMI)
  • 1|$79,200
  • 2|$90,500
  • 3|$101,800
  • 4|$113,100
  • 5|$122,150
  • 6|$131,200
  • 7|$140,250
  • 8|$149,300
  • You will also need to meet all these criteria: 
  • Be a first-time homebuyer.
  • This means you cannot have owned a home three years before buying a home with a HomeFirst loan.
  • This requirement is waived for U. S. military veterans with a DD-214 that verifies honorable service. 
  • Provide documents to verify household income eligibility.
  • This includes tax returns, pay stubs, profit and loss statements, or other documents. 
  • Complete a homebuyer education course taught by an HPD-approved counseling agency. 
  • Pay some of the down payment or closing costs. 
  • Get a mortgage from a bank whose loans are regulated by a federal or state agency. To get a mortgage, you will need:
  • an employment record, and
  • enough financial resources and credit
  • Buy a 1-4 family home, cooperative, or condominium.
  • This must be in the five boroughs of New York City
  • The purchase price must be within approved limits.
  • The home must pass a housing inspection that certifies that it is safe to live in.
  • Live in the home as your primary residence. Depending on the loan amount, you will need to live in the home for at least:
  • 10 years for loans less than or equal to $40,000
  • 15 years for loans greater than $40,000.

    Required Documents

    You will need to show:

  • Proof of income (tax returns, pay stubs, profit and loss statements or other documents that verify your income).
  • Employment records
  • Proof of sufficient financial resources and credit

    How to Apply

  • Contact a Counseling Agency to start the process of getting a HomeFirst loan. Find a counselor near you (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page) . Scroll down to "Counseling Agencies".
  • The counselor will help check your eligibility for the HomeFirst Down Payment Assistance Program.
  • You will also need to complete a Homebuyer Education class. You will receive a certificate afterward that verifies your eligibility for a HomeFirst loan.

    Online

  • Contact a Counseling Agency to start the process of getting a HomeFirst loan. Find a counselor near you (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page) . Scroll down to "Counseling Agencies."
  • The counselor will help check your eligibility for the HomeFirst Down Payment Assistance Program.
  • To apply for the HomeFirst loan, you will also need to complete a Homebuyer Education course taught by an HPD-approved counseling agency.

    By Mail

    Get Help

  • Learn more (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page) about the HomeFirst Down Payment Assistance Program.
  • (https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf) Read the terms about getting a HomeFirst loa

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