1. How it Works
Home First gives qualified homebuyers up to $100,000 toward the down payment or closing costs of a home.
- 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 of the HomeFirst loan.
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More ways to get help with this program
Visit the website
Learn more about the HomeFirst Downpayment Assistance Program.
Read the terms about getting a HomeFirst loan.
2. Determine your eligibility
You will need to meet these income requirements to qualify for a HomeFirst loan:
| Family Size | Maximum Household Income (80% AMI) |
| 1 | $87,100 |
| 2 | $99,550 |
| 3 | $111,950 |
| 4 | $124,400 |
| 5 | $134,350 |
| 6 | $144,300 |
| 7 | $154,250 |
| 8 | $164,200 |
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.
- This requirement is waived for U. S. military veterans with a DD-214 that verifies honorable service.
- 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.
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3. What you need to include
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
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4. How to apply
Apply online
Contact a Counseling Agency to start the process of getting a HomeFirst loan. Find a counselor near you. Scroll down to “Counseling Agencies.” The counselor will help check your eligibility for the HomeFirst Down Payment Assistance Program.
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