HOME FIRST DOWN PAYMENT ASSISTANCE PROGRAM (Sponsored by HPD)

We help low-income-qualified home buyers secure down payment and closing cost assistance.

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 Home First 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 an HPD-approved counseling agency
• Have his/her own savings to contribute to the down payment or closing costs
• Meet program income eligibility requirements ($56,700 is the maximum household income for a family of four. Maximum annual income varies depending on family size). Click here for details about family composition and income limits
• Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
• Live in the home purchased for at least 10 years

Upon the successful completion of the homebuyer education classes, each prospective homebuyer will receive a certificate that verifies his/her eligibility for the forgivable loan of up to 6% of the home's purchase price. The certificate is valid for six months, with a concurrent six-month renewal period. After receiving the certificate, prospective homebuyers begin the path to homeownership.

Home First Matching Funds Grant for first-time buyers.

Closing Cost Assistance Grants up to $30,000 for first-time-buyers.

HOME Grants of up to $30,000 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.

For more information, contact the NHS office nearest you.