NEW YORK (PIX11) – Are you looking to buy a home in the five boroughs? A New York City program is making it easier for more people to buy their dream house.
The city has doubled the funding for its popular HomeFirst Down Payment Assistance Program. Approved first-time home buyers could qualify for up to $100,000 towards their down payment or closing costs on a family home, a condominium, or a co-op.
To be eligible for the program, a prospective home buyer must fit the following criteria.
HomeFirst Program eligibility:
- Be a first-time homebuyer
- Complete a homebuyer education course taught by an HPD-approved counseling agency
- Work with an HPD approved Housing Counseling Agency to complete a 2024 HomeFirst Loan Application (Required documentation can be found here).
- Have their own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements
- Make a minimum down payment of 3% of the purchase price towards the home purchase.
- Purchase a one to four-unit family home, a condominium, or a co-op in one of the five boroughs
- Pass a Housing Quality Standards (HQS) inspection before purchase
- Upon approval, the home buyer must 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 up to 80% AMI
(Credit: NYC Housing Preservation & Development)Residents interested in applying for the program can find a participating counseling agency online to begin the process. Counselors will help enroll consumers in the required Homebuyer Education classes.
After completing the class, prospective homebuyers will receive a certificate that verifies their eligibility for up to $100,000 worth of loan forgiveness for the down payment or closing costs on a new home.
Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here.
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