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.