NEW YORK (PIX11) – Are you a first-time homebuyer in New York City?

The city’s HomeFirst program helps prospective homeowners by giving them up to $100,000 for down payments or closing costs. A one-to-four unit home, condo or co-op located in one of the five boroughs could be eligible for funding, according to ACCESS NYC.

More Local News

Requirements for a HomeFirst forgivable loan

You have to be a first-time homebuyer; you cannot have owned a home within three years of applying to the HomeFirst program

Take a course on first-time homeownership from a counseling agency that partners with the Department of Housing Preservation and Development

Complete a loan application through an HPD-partnered counseling agency

Pay for at least 3% of the total purchase price for the home with your own money

Promise to live in the home for a certain number of years:

You must live in the home for at least 10 years if the loan is $40,000 or less

You must live in the home for at least 15 years if the loan is more than $40,000

Loans from the city require occupants to live in the home for at least 15 years, regardless of the amount

Fit into these maximum income requirements:

1-person household: $136,080

2-person household: $155,520

3-person household: $174,960

4-person household: $194,400

5-person household: $210,000

6-person household: $225,600

7-person household: $241,080

8-person household: $256,680

Prospective homebuyers will be expected to hand over tax returns, pay stubs, proof of employment and credit scores to the HPD.

More: Latest News from Around the Tri-State

There are home purchase limits for the program. To find out more, click here.

For more information on HomeFirst, check out ACCESS NYC.

Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.

Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to PIX11.