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HomeFirst Down Payment Assistance
Forgivable loan for down payment of closing costs
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What this program is
Home First gives qualified homebuyers up to $100,000 toward the down payment or closing costs of a home.
Who can get it
You will need to meet these income requirements to qualify for a HomeFirst loan:
Family Size
Maximum Household Income (120% AMI)
1
$136,080
2
$155,520
3
$174,960
4
$194,400
5
$210,000
6
$225,600
7
$241,080
8
$256,680
You will also need to meet all these criteria:
- Be a first-time homebuyer.
- This means you cannot have owned a home three years before buying a home with a HomeFirst loan.
- Provide documents to verify household income eligibility.
- This includes tax returns, pay stubs, profit and loss statements, or other documents.
- Complete a homebuyer education course taught by an HPD-approved counseling agency.
- Pay some of the down payment or closing costs.
- Get a mortgage from a bank whose loans are regulated by a federal or state agency.To get a mortgage, you will need:
- an employment record, and
- enough financial resources and credit
- Buy a 1-4 family home, cooperative, or condominium.
- This must be in the five boroughs of New York City
- The purchase price must be within approved limits.
- The home must pass a housing inspection that certifies that it is safe to live in.
- Live in the home as your primary residence. Depending on the loan amount, you will need to live in the home for at least:
- 10 years for loans less than or equal to $40,000
- 15 years for loans greater than $40,000.
Heads up
- You can use the HomeFirst loan for a 1-4 family home, condominium, or cooperative. You must buy in one of the five boroughs of New York City.
- The maximum HomeFirst loan amount is $100,000. The formula for determining the maximum HomeFirst loan amount is 20% of the purchase price of the home or $100,000, whichever is less.
- To get a HomeFirst loan, you need to meet eligibility criteria for income limits and more. You will also have to get a mortgage from a Lender participating in the HomeFirst Program.
- You can get help applying for a HomeFirst loan from a Counseling Agency in any of the five boroughs. Counselors can:
- enroll you and certify your completion in a Homebuyer Education class.
- certify income eligibility.
- counsel you about program requirements.
- refer you to participating lenders for pre-approval.
- You will not have to make loan repayments if you follow certain criteria.
- See all the conditions (https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf) of the HomeFirst loan.
How to apply
Contact a Counseling Agency to start the process of getting a HomeFirst loan. Find a counselor near you (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page). Scroll down to "Counseling Agencies." The counselor will help check your eligibility for the HomeFirst Down Payment Assistance Program.
Online
Contact a Counseling Agency to start the process of getting a HomeFirst loan. Find a counselor near you (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page). Scroll down to "Counseling Agencies." The counselor will help check your eligibility for the HomeFirst Down Payment Assistance Program.
What to bring
You will need to show:
- Proof of income (tax returns, pay stubs, profit and loss statements or other documents that verify your income).
- Employment records
- Proof of sufficient financial resources and credit
Get help
- Learn more (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page) about the HomeFirst Down Payment Assistance Program.
- Read the terms (https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf) about getting a HomeFirst loa
Visit the website
Learn more (https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page) about the HomeFirst Downpayment Assistance Program.
Read the terms (https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf) about getting a HomeFirst loan.
Source and last updated
- Source
- NYC Benefits Platform (kvhd-5fmu) View dataset
- Agency
- NYC Housing Preservation and Development (HPD)
- Updated
- Source: October 1, 2025 · Synced August 18, 2026
How we verified this
Source record ID: P148en · N/A
WayMakr shows only what this source publishes. Program details are not attached to specific facility listings unless a relationship has been verified.