Homefirst Down Payment Assistance - NYC Affordable Housing Resource Center

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HomeFirst

Many New Yorkers want to buy a home, but don't have enough money saved for their down payment and closing costs. As part of Mayor Bloomberg's "New Housing Marketplace Plan," the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with the greater of 6% of a home's purchase price or $10,000 toward the down payment or closing costs on a one-four family home, a condominium, or a cooperative in any of the five boroughs of New York City.

To qualify for the loan, prospective homebuyers must:

be a first-time homebuyer;
complete a homebuyer education course taught by an HPD-approved counseling agency (pdf);
have their own savings to contribute to the down payment or closing costs;
meet program income eligibility requirements ($61,450 is the maximum household income for a family of four. Maximum annual income varies depending on family size). Click here for details about family composition and income limits;
purchase a one-four family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City;
and live in the home purchased for at least 10 years.

HomeFirst Down Payment Assistance Program Family Composition & Income Limits

Program participants must meet the following household size and income requirements to qualify for the forgivable loan to use toward the down payment or closing costs on a home:

Family Size	Maximum Household Income
1-person household	$43,000
2-person household	$49,150
3-person household	$55,300
4-person household	$61,450
5-person household	$66,350
6-person household	$71,250
7-person household	$76,200
8-person household	$81,100

Family size and household income based on area median income calculations established by the U. S. Department of Housing and Urban Development (HUD).

Neighborhood Housing Services of New York City (NHS)

Neighborhood Housing Services of New York City (NHS) will administer the program on HPD's behalf. As administrator, NHS will work with the homebuyer and the representative from the counseling agency to:

1) Request from the homebuyer copies of:

Homebuyer education certificate
HomeFirst Certificate of Eligibility
Bank pre-approval
Sales contract

2) Receive the HomeFirst application

Review signed contract
Verify eligibility of property based on location and type of property
Verify income of mortgage applicants
Review pre-approval and verify lender is a participating lender

3) Reserve funds for closing

4) Receive copy of lender commitment letter

5) Receive confirmation of closing date

6) Release funds for closing