HomeFirst Down Payment Assistance Program (2024)

HomeFirst has resumed the acceptance of applications as of March 4, 2024.

About HomeFirst

The HomeFirst Down Payment Assistance Programprovides qualified 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.

HomeFirst term sheet
HomeFirst brochure

Program Eligibility

A prospective homebuyer must:

Be a first-time homebuyer
Complete a homebuyer education course taught by an HPD-approved counseling agency
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, 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 (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	$79,200
2 – Person Household	$90,500
3 – Person Household	$101,800
4 – Person Household	$113,100
5 – Person Household	$122,150
6 – Person Household	$131,200
7 – Person Household	$140,250
8 – Person Household	$149,300

^{Effective Date: 6/15/23; Source:}^{U.S. Department of Housing and Urban Development}

Process

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.

Counseling Agencies

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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
Reserve funds for closing
Receive copy of lender commitment letter
Receive confirmation of closing date
Release funds for closing