NYC HomeFirst can provide up to $100,000 toward down payment or closing costs for a qualified first-time buyer purchasing in the five boroughs.
That number changes the purchase math on a $500,000 co-op or condo. It does not remove the need for savings, lender approval, or a strong offer package, but it can move a buyer from "not enough cash" to "ready to write" when the timing is handled correctly.
In my 25+ years as a Licensed Real Estate Associate Broker, I have seen first-time buyers focus on the monthly payment and miss the cash-to-close problem. HomeFirst is designed for that exact gap.
Who HomeFirst Is For
Eligibility Snapshot
- • Maximum assistance: up to $100,000 toward down payment or closing costs
- • Buyer must complete an HPD-approved homebuyer education course
- • Buyer must contribute at least 3% of the purchase price from their own funds
- • Income limit: up to 120% AMI, including $136,080 for a one-person household and $155,520 for a two-person household
- • Owner occupancy period: 10 years for loans up to $40,000 and 15 years for larger loans
- • Eligible property types include co-ops, condos, and 1-4 family homes in the five boroughs
2026 Income and Purchase Price Limits
| Item | 2026 Figure |
|---|---|
| One-person household income limit | $136,080 |
| Two-person household income limit | $155,520 |
| Manhattan and Bronx one-unit existing home limit | $661,000 |
| Queens one-unit existing home limit | $699,000 |
| Brooklyn one-unit existing home limit | $732,000 |
| Minimum buyer contribution | 3% of purchase price from buyer funds |
Purchase price limits are especially important in NYC because a buyer can be income eligible and still lose program access if the property price is too high. Review the closing costs guide before setting a budget ceiling.
How the Application Moves
- 1.Register for homebuyer education through an HPD-approved counseling agency.
- 2.Collect income, asset, and identity documents before lender pre-approval.
- 3.Receive the HomeFirst certificate and bring it to a participating lender.
- 4.Shop inside both the lender limit and the HomeFirst purchase limit, not just one of them.
- 5.Keep the counselor, lender, attorney, and agent aligned once a contract is signed.
Active NYC Listings
Currently available properties across NYC
555 Main Street #805
Roosevelt Island
100 W 39th Street #42E
Midtown
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
Co-op and Condo Differences
HomeFirst can work with co-ops and condos, but the process feels different. A co-op adds board approval, building financial review, and a board package timeline. A condo usually has a cleaner lender process, but closing costs can be higher because mortgage recording tax and title insurance may apply.
For the ownership tradeoffs, read the co-op vs. condo guide. For the full purchase sequence, start with the NYC buyer guide.
Want the Numbers Checked Before You Tour?
Milton Coste, Licensed Real Estate Associate Broker with Keller Williams NYC, can help you compare property type, price range, and cash-to-close before you spend weeks on the wrong purchase path for HomeFirst.
Schedule a Free Consultation
