Buying property isn’t easy, especially not in New York City.
NYC happens to be one of the most expensive real estate markets in the world.
NYC has a HomeFirst Down Payment Assistance Program
New York City has consistently been rated among the most expensive places to live in the US. The price of one square foot in Manhattan is nearly the same cost as the average monthly mortgage nationwide. NYC is a very expensive place to buy a home, especially your first. Read more about it here. Luckily, there are assistance programs available.
Saving enough for a down payment is often the toughest part for first time homebuyers. Many times you’ll need six figures to get a mortgage on the property you want. The required down payment depends on the value of the property and the finances of the buyer.
The HomeFirst Down Payment Assistance Program could get you up to $100,000. The money can be used for the down payment or closing costs on a New York City property. The program is applicable for homes with up to four bedrooms, a condominium, or a cooperative in one of the five boroughs.
In order to qualify, you have to be a first time home buyer and have your own savings to contribute. You’ll also need to complete a homebuyer education course taught by an approved counseling agency. The property must also pass a Housing Quality Standards inspection. An application and additional information can be found on the About HomeFirst help page.
Does New York State offer support?
HomeFirst is probably the top prospect if you are looking to buy in the city. However, there are a variety of other programs run by the state government that NYC residents can access too.
The State of New York Mortgage Agency (SONYMA) has a bunch of assistance programs for first time home buyers in New York State. These programs are available to anyone who hasn’t owned a primary residence in three years and doesn’t own a second home. Programs that are offered include:
- Conventional Plus
- FHA Plus
- Homes for Veterans
- Achieving the Dream
- Remodel NY
- Neighborhood Revitalization
- Graduate to Homeownership
For more information on each program visit the SONYMA website.