HomeFirst has resumed the acceptance of applications as of March 4, 2024.
About HomeFirst
The HomeFirst Down Payment Assistance Program provides qualified first-time homebuyers with up to $100,000 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.
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 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 (HQS) 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 up to 80% AMI:
Family Size
Maximum Household Income up to 80% AMI
1 – Person Household
$87,100
2 – Person Household
$99,550
3 – Person Household
$111,950
4 – Person Household
$124,400
5 – Person Household
$134,350
6 – Person Household
$144,300
7 – Person Household
$154,250
8 – Person Household
$164,200
*Buyers receiving a down payment assistance loan less than or equal to $40,000 must reside in the home purchased for at least 10 years. Buyers receiving loan greater than $40,000 must reside in the home purchased at least 15 years. Effective Date: 6/01/24; Source: U.S. Department of Housing and Urban Development
HOME Purchase Price Limits for Existing Homes*
Applicant must purchase an existing home at or below 95% of the HUD purchase price limits:
County
1 - Unit
2 - Unit
3 - Unit
4 - Unit
Bronx
$636,000
$814,000
$985,000
$1,220,000
Kings
$712,000
$911,000
$1,103,000
$1,366,000
New York
$636,000
$814,000
$985,000
$1,220,000
Queens
$684,000
$876,000
$1,060,000
$1,313,000
Richmond
$636,000
$814,000
$985,000
$1,220,000
The limits above are effective as of September 1, 2024, and will remain in effect until HUD issues new limits.
Community-based counseling agencies certified by HUD and approved by HPD to participate in the HomeFirst program will promote the program through newsletters, flyers, and seminars; distribute program guidelines; and enroll consumers in Homebuyer Education classes. The counseling agencies will also certify income eligibility for the Down Payment Assistance Program, counsel consumers about program requirements, certify completion of Homebuyer Education classes, and refer consumers to participating lenders for pre-approval. Contact any one of the following HPD-approved counseling agencies.
Contact a counseling agency today! Please reach out to one of the Counseling Agencies in your borough from the list below to start the application process.
GROW Brooklyn 1474 Myrtle Avenue Brooklyn, NY 11237 Tel: 718-418-8232 x2060 Languages: English and Spanish
Manhattan
Abyssinian Development Corporation Abyssinian Towers HELP Homeownership Program 50 West 131st Street, Lower Level New York, NY 10037 Tel: 646-442-6545 Languages: English and Spanish
Upon the successful completion of the Homebuyer Education class, prospective home buyers will receive a certificate that verifies their eligibility for the forgivable loan of up to $100,000 towards the down payment or closing costs on a new home. After receiving the certificate, prospective homebuyers begin the path to homeownership.
Step 1: Present the certificate of eligibility to a participating lender for pre-approval on a mortgage loan.
Step 2: After receiving pre-approval from a participating lender, consult a reputable real estate professional to identify an affordable home.
Step 4: Hire a real estate lawyer.
Step 5: Negotiate a contract of sale with the seller.
The homebuyer education counselors will be available to assist program participants throughout the home buying process. Program participants are encouraged to take advantage of this resource.
Program Administration
Neighborhood Housing Services of New York City (NHS) administers the program on HPD's behalf. As administrator, NHS works with the homebuyer and the representative from the counseling agency to:
Request from the homebuyer copies of:
Home buyer education certificate
HomeFirst Certificate of Eligibility
Bank pre-approval
Sales contract
Receive the HomeFirst application
Review signed contract
Verify eligibility of property based on location and type of property
Verify income of mortgage applicants
Verify eligibility of HomeFirst applicants
Review pre-approval and verify lender is a participating lender