See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 2, 2026

Homebuyer Programs in New Rochelle, NY (2026)

Population: 88,000 | Median home price: $700,000 | Est. closing costs: $14,000 - $21,000

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.

City 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 →

New Rochelle Down Payment Assistance Program

Type:: Forgivable Loan
Amount:: Up to 19% of the purchase price
First-time only:: Yes

County Programs in Westchester County

Program Name	Type	Amount	First-Time Only	Details
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 →

Hudson Valley Home Ownership and Revitalization Program

Type:: Forgivable Loan
Amount:: Up to $25,000
First-time only:: Yes

Westchester County Home Ownership Initiative

Type:: Forgivable Loan
Amount:: Up to $25,000
First-time only:: Yes

State Programs in New York

Program Name	Type	Amount	First-Time Only	Details
FHLBNY Homebuyer Dream Program	Grant	Up to $30,000	Yes	View →
SONYMA Down Payment Assistance Loan (DPAL)	Forgivable Loan	Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs	Yes	View →
SONYMA DPAL PLUS	Forgivable Loan	Up to $30,000	Yes	View →

FHLBNY Homebuyer Dream Program

Type:: Grant
Amount:: Up to $30,000
First-time only:: Yes

SONYMA Down Payment Assistance Loan (DPAL)

Type:: Forgivable Loan
Amount:: Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs
First-time only:: Yes

SONYMA DPAL PLUS

Type:: Forgivable Loan
Amount:: Up to $30,000
First-time only:: Yes

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
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 →
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 →

FHA Loans

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

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

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

HomeReady Mortgage (Fannie Mae)

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

HUD $100 Down Program

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

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

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

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
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 →

CHI First Time Homebuyer Grant Program

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

Habitat for Humanity NYC and Westchester Homeownership Program

Type:: Zero-Interest Loan
Amount:: Affordable mortgage with reduced payments
First-time only:: Yes

HDSW First Home Club

Type:: Grant
Amount:: Up to $7,500
First-time only:: Yes

WRO First Home Club

Type:: Grant
Amount:: Up to $5,000
First-time only:: Yes

Free eligibility check

17 programs available in New Rochelle. See which ones you qualify for.

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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.

Frequently Asked Questions

How much down payment assistance can I get in New Rochelle?+

New Rochelle buyers can stack multiple programs for substantial assistance. The city's own DPA program provides up to 19% of the purchase price as a forgivable loan. The Westchester County Home Ownership Initiative offers $25,000, and the Hudson Valley Home Ownership and Revitalization Program adds another $25,000. State programs include SONYMA DPAL (up to $15,000), SONYMA DPAL PLUS (up to $30,000), and the FHLBNY Homebuyer Dream Program (up to $30,000). Nonprofit programs like the CHI First Time Homebuyer Grant ($25,000 to $35,000), WRO First Home Club (up to $5,000), and HDSW First Home Club (up to $7,500) add even more. Total combined assistance can exceed $100,000 for eligible buyers.

Do I have to be a first-time homebuyer to qualify?+

Most programs available in New Rochelle require first-time homebuyer status, defined as not having owned a home in the past three years. This applies to the New Rochelle DPA, Westchester County Home Ownership Initiative, Hudson Valley program, SONYMA DPAL and DPAL PLUS, FHLBNY HDP, CHI grant, and the First Home Club programs. Federal programs like FHA and USDA loans do not require first-time buyer status.

What is the maximum home price I can pay?+

The New Rochelle Down Payment Assistance Program covers homes valued up to $494,000. SONYMA sets county-specific purchase price limits that are updated periodically for their loan programs. The Westchester County Home Ownership Initiative and FHLBNY Homebuyer Dream Program do not set specific purchase price caps but have income requirements. Check with a SONYMA-approved lender for current Westchester County limits.

What homebuyer education is required?+

Most programs require completion of a HUD-approved homebuyer education course. Westchester Residential Opportunities (WRO) at (914) 428-4507 offers free homebuyer counseling and education at 470 Mamaroneck Avenue, Suite 410, White Plains. Human Development Services of Westchester (HDSW) is another HUD-approved counseling option. Community Housing Innovations requires attendance at their free Grant Orientation in addition to HUD education.

Do I have to live in New Rochelle to qualify for the city program?+

Yes, the New Rochelle Down Payment Assistance Program requires that you be a current resident of New Rochelle and purchase a home within the city. However, the county-level programs (Westchester County Home Ownership Initiative and Hudson Valley program) are available to buyers purchasing anywhere in Westchester County, and state and federal programs apply statewide.

What are the typical closing costs in New Rochelle?+

Based on the median home price of $700,000, estimated closing costs in New Rochelle range from $14,000 to $21,000. These include title insurance, attorney fees, recording fees, mortgage taxes, and other settlement charges. Several programs including the New Rochelle DPA, SONYMA DPAL, FHLBNY Homebuyer Dream Program, and CHI grant can be applied toward closing costs.