Homebuyers in New York can get help from the City to pay the first installment

HomeFirst - NSa program to help you make a down payment when buying a home in New York. It provides home buyers with up to $ 100 that can be used for a down payment or to cover the cost of closing a loan to buy a 000-1 family home, condominium, or cooperative in one of five boroughs in New York City. Information about the program is posted on the website Housing Development Department.

Who can get help with the program

To be eligible for HomeFirst assistance, a home buyer must:

• Buying a house for the first time
• Take a Homebuyer Course at an HPD Approved Advisory Agency
• Have your own savings to contribute to the down payment or to invest in closing the deal
• Meet the income requirements (described below)
• Make a minimum down payment of 3% of the purchase price of the house. 1% of the contract amount must be paid from the buyer's own funds
• Purchase a 1-4 apartment family home, condominium or co-op in one of the five boroughs of New York
• As a result, live in the purchased house at least:
  • 10 years if the loan received is less than or equal to $ 40
  • 15 years if the loan amount exceeds $ 40
• Have a maximum family income of up to 80% AMI (Area Median Income).

Income Metrics for New York:

• A family of one person - 80% AMI is $ 66
• 2 people - 80% AMI is $ 76
• From 3 people - $ 85 950
• 4 people - $ 95 450
• 5 people - $ 103 100
• 6 people - $ 110 750
• 7 people - $ 118 400
• 8 people - $ 126 000

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Application process

HUD Certified Public Consulting Agencies will select candidates for assistance. They check the applicant's income level, advise consumers on program requirements, validate homebuyer training courses, and refer applicants to participating lenders for pre-approval of a mortgage transaction.

The addresses of consulting agencies in different boroughs can be found here:.

Upon successful completion of the training course, the prospective home buyer will receive a certificate confirming their eligibility for an uncollectible HomeFirst loan of up to $ 100. The certificate is valid for six months with the right to renew it for another six months. During this time, you need to arrange a mortgage loan.

Steps to complete your home purchase:

1. Submit evidence of eligibility for assistance to a participating lender to pre-approve a mortgage loan.
2. After getting pre-approval from a participating lender, consult with a trusted real estate professional to select a home.
3. Hire a real estate lawyer.
4. Enter into a sales contract.

Homebuyer Education Consultants will be available to assist program participants throughout the home buying process.