Program guide
What to know before you click through
This is still the free fact layer. Open the official source when a detail affects eligibility, repayment, lender choice, or whether this path should stay on your shortlist.
Who qualifies?
First-time homebuyers purchasing in New York City's five boroughs, Households earning up to 120% of area median income under the current HPD materials, Buyers purchasing a one- to four-family home, condo, or co-op as a principal residence, Borrowers who contribute at least 3% of the purchase price from personal funds or other approved sources, Buyers who complete HPD-approved homebuyer education and work with an HPD-approved lender
What support do you get?
Current HPD materials describe up to $100,000, capped at 20% of the purchase price, as a 0% subordinate loan for down payment and closing costs.
Do you repay it?
The current term sheet says assistance of $40,000 or less typically uses a 10-year forgiveness schedule, while assistance above $40,000 typically uses a 15-year forgiveness schedule. Forgiveness begins in year 6 at 20% per year for loans of $40,000 or less and 10% per year for larger loans. If the buyer sells, transfers, or stops using the home as a primary residence before the affordability term ends, the remaining balance becomes due, and the term sheet also says refinance requires repayment of 50% of refinance profits.
How do you apply?
Start with an HPD-approved counseling agency, complete the required education and eligibility review, line up an HPD-approved lender, and let the counselor help submit the file for HomeFirst servicing and closing once the purchase contract is in place.
Official source evidence
The current HPD term sheet says HomeFirst can reach $100,000 up to 20% of purchase price as a 0% subordinate loan, with 10-year or 15-year forgiveness depending on the assistance amount. ACCESS NYC and HPD's 2025 expansion announcement also confirm the program now serves households up to 120% AMI.
View official source
Last verified
2026-04-21
HPD expansion announced 2025-01-30; current term sheet effective 2025-02-18
Paid preview
What paid access adds for HomeFirst Down Payment Assistance Program | NYC
See the shape of the comparison output, risk checks, lender questions, and next-step checklist before you decide whether this program is worth carrying into the paid layer.
Example paid output for this program. The free page stays visible either way.
Comparison preview
HomeFirst Down Payment Assistance Program | NYC
Amount: Current HPD materials describe up to $100,000, capped at 20% of the purchase price, as a 0% subordinate loan for down payment and closing costs.
Repayment: The current term sheet says assistance of $40,000 or less typically uses a 10-year forgiveness schedule, while assistance above $40,000 typically uses a 15-year forgiveness schedule. Forgiveness begins in year 6 at 20% per year for loans of $40,000 or less and 10% per year for larger loans. If the buyer sells, transfers, or stops using the home as a primary residence before the affordability term ends, the remaining balance becomes due, and the term sheet also says refinance requires repayment of 50% of refinance profits.
First-time buyer: Required
Risk checks preview
What gets flagged before you call a lender
- HomeFirst Down Payment Assistance Program | NYC requires a participating lender.
- HomeFirst Down Payment Assistance Program | NYC must be paired with a specific first mortgage.
Lender questions preview
Questions tied to this exact path
- Is your team approved to originate HomeFirst Down Payment Assistance Program | NYC for this household and loan setup?
- Which first-mortgage product must be paired with HomeFirst Down Payment Assistance Program | NYC, and what breaks eligibility?
Action checklist preview
What you would do next
- Confirm the first-time buyer definition before you apply
- Review the official ACCESS NYC HomeFirst page for HomeFirst Down Payment Assistance Program | NYC
