Buying your first home in NYC? Find out if you qualify to get $100K

NEW YORK (PIX11) -- New Yorkers can receive up to $100,000 toward the down payment or closing costs of select homes in New York City as part of the HomeFirst Down Payment Assistance Program.

The first step is to find a counselor to learn if you are eligible. To be ruled eligible, you must do the following, according to NYC.gov:

• Be a first-time homebuyer
  • This requirement is waived for U.S. military veterans with a DD-214 that verifies honorable service
• Complete a homebuyer education course taught by a New York City Department of Housing Preservation and Development-approved counseling agency
• Have savings to contribute to the down payment or closing costs
• Make a minimum down payment of 3% of the purchase price towards the home purchase 1% of the contract deposit must be sourced from the buyer's own funds
• Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
• Pass a Housing Quality Standards inspection before purchase
• Live in the home for at least:
  • 10 years if the loan received is less than or equal to $40,000
  • 15 years if the loan is greater than $40,000
• Have a maximum household income of up to 80% Area Median Income

Once you have finished the homebuyer class prospective homebuyers will get a certificate that verifies the eligibility for the program and that is valid for six months, according to the city's website.

After you obtain your certificate, you need to bring it to a participating lender to get pre-approved for a mortgage loan. After you get pre-approved, you should contact a real estate agent to help you find affordable homes. Lastly, you'll want to hire a real estate lawyer and then negotiate a contract of sale with the seller, according to the city.

The Neighborhood Housing Services of New York City runs the program and will work with you and your counseling agency through the process.

HomeFirst started accepting applications again on March 4.