
NYC living comes at a price, but programs like the HomeFirst Down Payment Assistance Program are certainly worth bookmarking.
The initiative — like the popular affordable housing lotteries — is meant to make setting up shop in NYC a little more accessible. Through the 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!
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
- Pass a Housing Quality Standards (HQS) inspection
- Have a maximum household income up to 80% AMI (Area Medium Income)
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, broker fees have been eliminated beginning June 2025. If you’re thinking about venturing outside of the five boroughs, have a look at our favorite cheap towns outside of NYC.