NYC living comes at a price — the median cost of a home reached $745,000 in late spring of this year — but initiatives like the HomeFirst Down Payment Assistance Program are worth bookmarking.
Similar to affordable housing lotteries, this city-run program intends to make setting up shop more accessible. Through this program, first-time homebuyers who qualify could receive up to $100,000 toward the down payment or closing costs on a 1-4 family home, a condo, or a co-op throughout the five boroughs.
Hey, every lil’ bit counts! (It’s expensive to put down roots here.)
All about the HomeFirst Down Payment Assistance Program
Considering 2025 housing predictions indicate that affordability is the biggest driving force, why not give this program a consideration?
Here’s what you need to do in order to qualify, according to the city:
- Be a first-time homebuyer
- Complete a an HPD-approved counseling agency’s homebuyer education course
- Complete a loan application
- Make a minimum down payment of 3% of the purchase price
- Have their own savings to help contribute to the down payment or closing costs
- Pass a Housing Quality Standards (HQS) inspection
- Have a maximum household income up to 80% AMI (Area Medium Income)
- Pass a Housing Quality Standards (HQS) inspection
Of course, there are a few important factors to note: those filling out the application will be expected to live in the house 10 years if the loan received is less than or equal to $40,000, and 15 years if it’s greater than $40,000. Applicants must purchase an existing home at or below 95% of the HUD purchase price limits.
Head to NYC.gov to learn more and start your application.
Should you be interested in renting, bookmark tools like StreetEasy’s new Cost & Fees tab, which identifies an all-up estimated upfront and monthly costs, or Rental Reboot, the city’s first-ever rent stabilized alert tool.
If you’re thinking about venturing outside of the five boroughs, have a look at our favorite cheap towns outside of NYC.
