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Get Matched Free →Homebuyer Programs in New Rochelle, NY (2026)
New Rochelle is a diverse city in Westchester County, New York, located on the Long Island Sound about 16 miles northeast of Midtown Manhattan. With a median home price around $700,000, affordability is a challenge, but buyers have access to an impressive range of assistance programs. The city's own Down Payment Assistance Program offers up to 19% of the purchase price as a forgivable loan for homes up to $494,000. At the county level, the Westchester County Home Ownership Initiative and the Hudson Valley Home Ownership and Revitalization Program each provide up to $25,000. State programs add even more: SONYMA DPAL offers up to $15,000, SONYMA DPAL PLUS up to $30,000, and the FHLBNY Homebuyer Dream Program grants up to $30,000. Nonprofit options include the CHI First Time Homebuyer Grant of $25,000 to $35,000, the WRO First Home Club with up to $5,000 in matching funds, and the HDSW First Home Club with up to $7,500. By stacking eligible programs, first-time buyers in New Rochelle could access well over $100,000 in combined assistance.
Top Homebuyer Programs in New Rochelle
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| New Rochelle Down Payment Assistance Program | Forgivable Loan | Up to 19% of the purchase price | Yes | View → |
| Hudson Valley Home Ownership and Revitalization Program | Forgivable Loan | Up to $25,000 | Yes | View → |
| Westchester County Home Ownership Initiative | Forgivable Loan | Up to $25,000 | Yes | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| CHI First Time Homebuyer Grant Program | Grant | $25,000 to $35,000 (49% max for down payment and closing costs; 51% minimum for home repairs) | Yes | View → |
| Habitat for Humanity NYC and Westchester Homeownership Program | Zero-Interest Loan | Affordable mortgage with reduced payments | Yes | View → |
| HDSW First Home Club | Grant | Up to $7,500 | Yes | View → |
| WRO First Home Club | Grant | Up to $5,000 | Yes | View → |
| FHLBNY Homebuyer Dream Program | Grant | Up to $30,000 | Yes | View → |
| SONYMA Down Payment Assistance Loan (DPAL) | Forgivable Loan | Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000) | Yes | View → |
| SONYMA DPAL PLUS | Forgivable Loan | Up to $30,000 | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to 19% of the purchase price
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $25,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $25,000
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Grant
- Amount:
- $25,000 to $35,000 (49% max for down payment and closing costs; 51% minimum for home repairs)
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Affordable mortgage with reduced payments
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $7,500
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $5,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000)
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. Most programs require household income at or below 80% of the Area Median Income for Westchester County. The New Rochelle DPA program also requires a minimum annual household income of $40,000 and current residency in New Rochelle. Confirm you meet first-time homebuyer requirements (no homeownership in the past 3 years).
- Step 2:
Complete homebuyer education. Contact Westchester Residential Opportunities (WRO) at (914) 428-4507 for HUD-approved homebuyer counseling and education. WRO is located at 470 Mamaroneck Avenue, Suite 410, White Plains, NY 10605. Human Development Services of Westchester (HDSW) also offers HUD-approved counseling.
- Step 3:
Apply for the New Rochelle DPA program. Contact WRO to apply for the city's Down Payment Assistance Program, which provides up to 19% of the purchase price as a forgivable loan. You'll need to contribute at least 1% of the purchase price from your own funds.
- Step 4:
Explore county and nonprofit programs. Apply for the Westchester County Home Ownership Initiative ($25,000) and the Hudson Valley Home Ownership and Revitalization Program ($25,000). Ask WRO about the First Home Club matched savings program (up to $5,000) and contact Community Housing Innovations at 845-330-3948 ext. 3004 about their grant of $25,000 to $35,000.
- Step 5:
Get pre-approved for a mortgage. Work with a SONYMA-approved lender to access the DPAL (up to $15,000) or DPAL PLUS (up to $30,000). Ask your lender if they participate in the FHLBNY Homebuyer Dream Program for an additional grant of up to $30,000.
- Step 6:
Find a home within program limits. The New Rochelle DPA program covers homes valued up to $494,000. Other programs may have different or no purchase price caps. Search for properties that fit within the limits of the programs you plan to use.
- Step 7:
Submit your applications and close. Work with your housing counselor and lender to coordinate the timing of all program applications. Allow extra time for processing multiple assistance sources.