See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 1, 2026
Homebuyer Programs in Oyster Bay, NY (2026)
Oyster Bay is a historic hamlet on the North Shore of Long Island in Nassau County, New York. With a median home price around $900,000, it is one of the more expensive markets on Long Island, which makes down payment assistance particularly valuable for buyers here. The Nassau County HOME Down Payment Assistance Program provides up to $50,000 as a forgivable loan for homes priced under $594,000, though many Oyster Bay properties exceed that limit. Community Housing Innovations offers grants of $25,000 to $35,000 for first-time buyers purchasing in Nassau County. Community Development Long Island provides low-interest loans up to $75,000 toward down payment and closing costs. At the state level, SONYMA's Down Payment Assistance Loan offers up to $15,000 as a forgivable loan, and the FHLBNY Homebuyer Dream Program provides grants up to $30,000. By combining state and nonprofit programs, Oyster Bay buyers can potentially access over $50,000 in total assistance.
County Programs in Nassau County
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Nassau County HOME Down Payment Assistance Program | Forgivable Loan | Up to $50,000 | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to $50,000
- 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 |
|---|---|---|---|---|
| CDLI Down Payment and Closing Cost Assistance Loan | Repayable Loan | Up to $75,000 | Yes | 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 of Long Island Homeownership Program | Zero-Interest Loan | Affordable home purchase with subsidized mortgage | Yes | View → |
| National Faith Homebuyers Down Payment Assistance | Forgivable Loan | $5,000 to $10,000 forgivable loan (amount varies by location) | No | View → |
- Type:
- Repayable Loan
- Amount:
- Up to $75,000
- First-time only:
- Yes
- 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 home purchase with subsidized mortgage
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $5,000 to $10,000 forgivable loan (amount varies by location)
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. Most programs require household income at or below 80% to 120% of the Area Median Income depending on the program. The Nassau County HOME DPA has specific income limits and a $594,000 purchase price cap, so review whether your target home qualifies.
Step 2: Complete homebuyer education. All major programs require a HUD-approved course. The Long Island Housing Partnership provides free mortgage counseling and is the administrator for Nassau County programs. Contact LIHP at (631) 435-4710. Community Development Long Island offers the NeighborWorks homebuyer education program and can be reached at (631) 471-1215.
Step 3: Contact the Long Island Housing Partnership. LIHP administers the Nassau County HOME Down Payment Assistance Program and can help determine which programs you qualify for. They also coordinate applications for multiple DPA programs on Long Island.
Step 4: Get pre-approved for a mortgage. Work with a SONYMA-approved lender to access state-level programs, or a FHLBNY member institution to apply for the Homebuyer Dream Program grant of up to $30,000.
Step 5: Find a home within program limits. The Nassau County HOME DPA limits purchases to $594,000, which may restrict options in Oyster Bay where many homes exceed that price. The CDLI loan program caps at $500,000. However, SONYMA and FHLBNY programs have higher limits.
Step 6: Submit your applications. Apply for each program you qualify for. Many can be combined. The Nassau County HOME DPA requires a minimum $5,000 personal down payment. Allow 30 to 60 days for processing.
Frequently Asked Questions
How much down payment assistance can I get in Oyster Bay?+−
Do I have to be a first-time homebuyer to qualify?+−
What is the maximum home price I can buy with assistance?+−
What homebuyer education is required?+−
Is Oyster Bay too expensive for down payment assistance programs?+−
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