Down-Payment & Closing-Cost Assistance
HomeFirst Down-Payment Assistance Program
Many home buyers haven’t saved enough money for down-payment and closing costs. To assist them, the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down-Payment Assistance Program. This program provides qualified home buyers with up to $40,000 or 6% of the purchase price of the home toward the down-payment or closing costs on a 1- to 4-family home, a condominium, or a cooperative in any of the five boroughs of New York City.
To qualify for the program, a prospective home buyer must meet all of the following criteria:
Be a first-time home buyer
Complete a home buyer education course taught by an HPD-approved counseling agency such as NHS Brooklyn.
Have his/her own savings to contribute to down-payment or closing costs.
Meet program income eligibility requirements (see chart below of FY 2017 limits. Future limits may be different.)
Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
Home purchased must pass a Housing Quality Standards (HQS) inspection before purchase
Home purchased must be the primary residence for at least 10 years.
Other eligibility criteria and restrictions may apply. Please contact us for more details or ask your counselor.
HomeFirst applications may be submitted by the homeownership counselor after one-on-one counseling with eligible home buyers.
The following chart applies to both of the above assistance programs.
Maximum Household Income
effective June 1, 2019*
Family size and household income based on area median income (AMI) calculations established by the U.S. Department of Housing and Urban Development (HUD) effective as of June 28, 2019. Income limits will be adjusted for family size. For more information on the 2019 limits and methodology, see HUD's website at: https://www.hudexchange.info/manage-a-program/home-income-limits/
* Limits subject to change. Must reside in home purchased for at least 10 years.