NYC HomeFirst Program 2026: How to Get Up to $100,000 in Down Payment Help

NYC HomeFirst can provide up to $100,000 toward down payment or closing costs for a qualified first-time buyer purchasing in the five boroughs.

On a $500,000 co-op or condo, the buyer still brings 3% from their own funds, which is $15,000. HomeFirst can then fund the rest of the down payment or closing costs, up to the lesser of 20% of the price or $100,000. It does not remove the need for lender approval or a strong offer package.

In my 25+ years as a Licensed Real Estate Associate Broker, I have seen first-time buyers focus on the monthly payment and miss the cash-to-close problem. HomeFirst is designed for that exact gap.

Who HomeFirst Is For

"First-time" means you have not owned a home in the past three years. The home must be your primary residence, where you sleep at least 270 days a year. A non-occupying co-signer, co-borrower or guarantor cannot help you qualify, and you cannot buy from a relative of anyone in your household.

2026 Income and Purchase Price Limits

Purchase price limits matter in NYC because a buyer can be income eligible and still lose program access if the property price is too high. The existing-home limits are set at 95% of the HUD purchase price limits. Review the closing costs guide before setting a budget ceiling.

Mortgage and Fee Rules That Catch Buyers

HomeFirst requires a fixed-rate mortgage from an HPD-approved participating lender, so mortgage brokers cannot be used. The mortgage must meet FHA, Fannie Mae or Freddie Mac guidelines, and 100% financing is not accepted. These are the lender-side limits in HPD's term sheet.

Household liquid assets, including the down payment deposit, cannot exceed the 120% AMI income limit for your household size. Retirement and college savings accounts do not count toward that cap. The home must also pass a housing quality inspection that you pay for.

Active NYC Listings

Currently available properties across NYC

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Active

$2,700,000

515 DEAN Street #3B

Prospect Heights

3 bd 3 ba 1,530 sf

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Condo · 2026 RLS #RLS20113052

Active

$2,750,000

515 DEAN Street #2A

Prospect Heights

3 bd 3 ba 1,554 sf

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Condo · 2026 RLS #RLS20113051

Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.

What Happens If You Sell Early

The loan has 0% interest and is forgiven if you live in the home for the full occupancy period. If you sell or transfer inside that window, you repay the lesser of the net proceeds or the loan. Starting at the sixth anniversary, the amount owed falls 20% a year on loans up to $40,000 and 10% a year on larger loans. On a refinance, you repay HPD 50% of the profit above your original purchase price.

How the Application Moves

Co-op and Condo Differences

A co-op adds board approval, building financial review, and a board package timeline. A condo usually has a cleaner lender process, but closing costs can be higher because mortgage recording tax and title insurance may apply. See the co-op vs. condo guide for the ownership tradeoffs and the NYC buyer guide for the full purchase sequence.