{"id":11953,"date":"2025-10-22T13:44:12","date_gmt":"2025-10-22T13:44:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/11953\/"},"modified":"2025-10-22T13:44:12","modified_gmt":"2025-10-22T13:44:12","slug":"nyc-program-offers-100k-to-first-time-homeowners-how-to-qualify","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/11953\/","title":{"rendered":"NYC program offers $100K to first-time homeowners: How to qualify"},"content":{"rendered":"

NEW YORK (PIX11) \u2013 Are you a first-time homebuyer<\/a> in New York City?<\/p>\n

The city\u2019s HomeFirst program helps prospective homeowners by giving them up to $100,000<\/a> 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.<\/p>\n

More Local News <\/a><\/p>\n

Requirements for a HomeFirst forgivable loan<\/p>\n

You have to be a first-time homebuyer; you cannot have owned a home within three years of applying to the HomeFirst program<\/p>\n

Take a course on first-time homeownership from a counseling agency that partners with the Department of Housing Preservation and Development<\/p>\n

Complete a loan application through an HPD-partnered counseling agency<\/p>\n

Pay for at least 3% of the total purchase price for the home with your own money<\/p>\n

Promise to live in the home for a certain number of years:<\/p>\n

You must live in the home for at least 10 years if the loan is $40,000 or less<\/p>\n

You must live in the home for at least 15 years if the loan is more than $40,000<\/p>\n

Loans from the city require occupants to live in the home for at least 15 years, regardless of the amount<\/p>\n

Fit into these maximum income requirements:<\/p>\n

1-person household: $136,080<\/p>\n

2-person household: $155,520<\/p>\n

3-person household: $174,960<\/p>\n

4-person household: $194,400<\/p>\n

5-person household: $210,000<\/p>\n

6-person household: $225,600<\/p>\n

7-person household: $241,080<\/p>\n

8-person household: $256,680<\/p>\n

Prospective homebuyers will be expected to hand over tax returns, pay stubs, proof of employment and credit scores to the HPD.<\/p>\n

More: Latest News from Around the Tri-State <\/a><\/p>\n

There are home purchase limits for the program. To find out more, click here<\/a>.<\/p>\n

For more information on HomeFirst, check out ACCESS NYC<\/a>.<\/p>\n

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<\/a>.<\/p>\n

Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n

For the latest news, weather, sports, and streaming video, head to PIX11. <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (PIX11) \u2013 Are you a first-time homebuyer in New York City? The city\u2019s HomeFirst program helps…\n","protected":false},"author":2,"featured_media":11954,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9477,9478,9474,9475,9,56,63,65,64,9476],"class_list":["post-11953","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-access-nyc","tag-closing-costs","tag-homefirst","tag-loan-application","tag-new-york","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-program-helps"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/11953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=11953"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/11953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/11954"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=11953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=11953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=11953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}