See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 1, 2026
Homebuyer Programs in New York City, NY (2026)
New York City is the most populous city in the United States, spanning five boroughs across the New York metropolitan area with a median home price of approximately $806,000. The city's standout program is the HPD HomeFirst Down Payment Assistance Program, which provides up to $100,000 in forgivable loans toward down payment and closing costs for first-time buyers earning at or below 80% of the Area Median Income. Neighborhood Housing Services of NYC (NHSNYC) also offers forgivable loans of $12,500 to $40,000 for buyers earning up to 120% AMI. At the state level, the SONYMA Down Payment Assistance Loan (DPAL) provides up to $15,000 in zero-interest forgivable assistance, while SONYMA DPAL PLUS offers up to $30,000 for lower-income buyers. The FHLBNY Homebuyer Dream Program provides grants of up to $30,000 through participating lenders. By combining city and state programs, eligible NYC buyers could potentially access over $130,000 in down payment and closing cost assistance.
City Programs in New York City
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| HPD HomeFirst Down Payment Assistance Program | Forgivable Loan | Up to $100,000 | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to $100,000
- 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 → |
- Type:
- Grant
- Amount:
- Up to $30,000
- First-time only:
- Yes
- 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
- 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 → |
- 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:
- 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
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Habitat for Humanity NYC Homeownership Program | Zero-Interest Loan | Affordable home purchase with below-market mortgage | Yes | View → |
| NHSNYC Homebuyer Forgivable Loan Program | Forgivable Loan | $12,500 to $40,000 | Yes | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with below-market mortgage
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $12,500 to $40,000
- First-time only:
- Yes
How to Apply
Step 1: Check your eligibility. Review income limits for the programs you are interested in. The HPD HomeFirst program requires household income at or below 80% AMI, while NHSNYC forgivable loans serve buyers up to 120% AMI. SONYMA programs have county-specific income limits.
Step 2: Complete homebuyer education. Attend a homebuyer education course through an HPD-approved counseling agency. Neighborhood Housing Services of NYC (NHSNYC) offers free orientation seminars and 8-hour education classes. You can reach NHSNYC at their Brooklyn office or visit nhsnyc.org. NHS Brooklyn also offers free First-Time Homebuyer webinars.
Step 3: Contact a housing counselor. Work with NHSNYC or the Center for NYC Neighborhoods (CNYCN) to begin your HomeFirst application. They will guide you through the process, assess your finances, and help you understand which programs you qualify for.
Step 4: Get pre-approved for a mortgage. If you plan to use SONYMA programs (DPAL or DPAL PLUS), connect with a SONYMA-approved participating lender. For the FHLBNY Homebuyer Dream Program, apply through a participating FHLBNY member bank or credit union such as Municipal Credit Union.
Step 5: Find a home in New York City. Your purchase must be a 1-4 family home, condominium, or cooperative in one of the five boroughs. The property must pass a Housing Quality Standards (HQS) inspection for HomeFirst.
Step 6: Submit your applications and close. Work with your housing counselor and lender to submit all program applications. Be prepared to contribute at least 3% of the purchase price from your own funds for HomeFirst. A $750 non-refundable processing fee is required at closing for HomeFirst loans.
Frequently Asked Questions
How much down payment assistance can I get in New York City?+−
Do I have to be a first-time homebuyer to qualify?+−
What are the income limits for NYC homebuyer programs?+−
What homebuyer education is required?+−
Can I buy a co-op apartment with down payment assistance in NYC?+−
How long do I have to live in the home before the loan is forgiven?+−
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