The biggest obstacle to homeownership is often the initial financial burden. The HomeFirst Down Payment Assistance Program seeks to promote the acquisition of privately owned 1-4 family homes, cooperatives, and condominiums for owner-occupancy within the five boroughs of New York City by providing a forgivable loan of up to $100,000 for down payment or closing costs to qualified homebuyers earning up to 80% of AMI.

 

 

About the program

• Up to $100,000 in down payment or closing costs assistance for qualified first-time homebuyers

 

• Household income up to 80% Area Median Income

 

• Must have at least 3% of personal funds towards downpayment

 

• Eligible properties include 1-4 family homes, condominiums and cooperatives within the five boroughs

 

• Subject to a 10-year owner-occupancy requirement

 

Note: Homebuyers must meet program income requirements and must complete a Homeownership Education Seminar as well as a One-on-One Counseling session with an homeownership counselor from a HUD-approved housing agency (such as BNS) to be eligible.