NYC First-Time Buyer Programs Calculator
Discover which programs you qualify for and calculate your potential savings on your path to homeownership.
Check Your Eligibility
Your Qualified Programs
HomeFirst
Income â¤80% AMI (approximately $90,000 for family of 3). Forgivable over 30 years if you maintain primary residence.
Housing Development Program (HDP)
Income â¤80% AMI. Non-repayable grant for down payment and closing costs. First-time buyers only.
SONYMA
More generous income limits. Below-market interest rates with Down Payment Assistance Loan. Excellent for those just above standard AMI limits.
FHA Loans
Low down payment option available to most borrowers with 580+ credit score. Can be combined with other programs.
VA Loans
Zero down payment for eligible veterans and service members. No PMI required. Excellent rates available.
Frequently Asked Questions
What is a first-time homebuyer for program purposes?
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Generally, you haven’t owned a home in the past 3 years. Some programs have different definitions. Most NYC programs use the 3-year rule, though some may consider you first-time if you haven’t owned in 5+ years or are divorced/separated.
Can I stack multiple programs together?
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Yes! Many programs are designed to work together. For example, you can typically combine HomeFirst with HDP, or use SONYMA alongside other assistance. The key is ensuring funds aren’t double-dipped. Our calculator shows potential stacking combinations.
What does “AMI” mean and how is it determined?
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AMI stands for “Area Median Income.” It’s the median household income for your area (NYC metro). Most programs target households at 80% of AMI or below. AMI varies by family sizeâa family of 4 has a higher AMI threshold than a single person.
Do I need to live in Staten Island or Brooklyn to qualify?
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Most NYC programs apply citywide, but some have geographic preferences or may prioritize certain boroughs. Many programs encourage first-time buyers to purchase in less expensive areas. Check each program for specific location requirements.
What’s the difference between a grant and a loan?
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A grant (like HDP) is free money you don’t repay. A loan (like HomeFirst) must be repaid, though some are “forgivable” if you meet conditions like staying in the home. Forgivable loans forgive a portion yearlyâe.g., 1/30th per year.
How long does the application process take?
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Timeline varies by program. Some can be approved in 2-3 weeks; others take 6-8 weeks. Start early with program applications in parallel to your mortgage approval. Many require pre-approval before you begin house hunting.
What credit score do I need?
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Requirements vary. FHA typically requires 580+, though some programs may accept 620+. Some programs work with lower scores if you have compensating factors. Speak with a lender about your specific situation.
Can I use these programs if I’m self-employed?
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Yes, but documentation is stricter. You’ll typically need 2 years of tax returns and may need to provide bank statements and profit/loss statements. Some programs are more flexible with self-employed borrowers than others.
Do I have to work with the Bridge & Boro Team to use these programs?
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Noâyou can pursue these programs with any real estate agent or lender. However, our team specializes in helping Staten Island and Brooklyn buyers navigate these programs. We’ll guide you through the process and connect you with trusted lenders and resources.
See If You Qualify for Up to $130,000 in NYC Grants
Fill out a quick form and Joseph and his lending partner will personally review your info and reach out within 24 hours.