Homeowners, Property Tax & Repairs · Surprise rank #22
First-Time NYC Buyer? Get Up to $100,000 for Your Down Payment—and Have the Loan Forgiven
The NYC HomeFirst program offers a forgivable loan of up to $100,000 to income-qualified first-time homebuyers to cover down payments and closing costs.
Who
Income-eligible first-time buyers purchasing an eligible one- to four-family home, condominium or cooperative in NYC.
Where: NYC.
What to do
Start here: Contact an approved HomeFirst counseling agency before signing a contract or choosing financing.
Eligibility: First-time buyer, approved education and counseling, income up to the current AMI limit, own funds, participating lender, eligible NYC property and inspection.
What you get
Eligible first-time homebuyers can receive substantial forgivable assistance toward down payment or closing costs on an eligible NYC home.
Benefit: A forgivable loan equal to up to 20% of purchase price, capped at $100,000, toward down payment or closing costs.
Possible value: Up to $100,000.
Good to know
Important: This is not cash at application. Mortgage underwriting, property limits and 10- or 15-year owner-occupancy rules apply.
Availability: Ongoing while funding is available; begin counseling before signing a contract.
Why people miss it: Buyers assume city assistance is limited to very low incomes or a few thousand dollars.
Sources reviewed: Aug 2, 2026