If you’re buying your first home in New York City, you may qualify for up to $100,000 in down payment assistance — and most buyers have no idea it exists. The problem isn’t that the money isn’t there. The problem is that the programs are confusing, the income limits are hard to calculate, and most people don’t know where to start.
That’s exactly why I built the First-Time Buyer Grant Calculator. In about 90 seconds, it tells you which NYC programs you qualify for, how much you could receive, and whether you’re eligible right now. Here’s a walkthrough of how to use it — and how to act on what it shows you.
Step 1: Enter Your Household Income
Every NYC first-time buyer program is income-based, using the Area Median Income (AMI) as the benchmark. For 2026, the AMI for a family of four in NYC is approximately $120,100. Most programs require you to earn at or below 80% AMI.
In the calculator, enter your total gross household income — that’s everyone on the mortgage application combined, before taxes. If you’re buying solo, just enter your own income. If you’re buying with a partner or co-borrower, add both incomes together.
What this determines: Whether you’re under the income threshold for each program. The calculator automatically adjusts for household size — a single person earning $60,000 may qualify while a couple earning $100,000 combined may not, depending on program rules.
Step 2: Select Your Household Size
AMI limits scale with how many people live in the home. A family of three has a higher income limit than a single person. The calculator accounts for this automatically once you enter your household size — so don’t skip this field. It can be the difference between qualifying and not.
Step 3: Choose Your Target Borough
Some programs are city-wide; others are borough-specific. On Staten Island and Brooklyn, you have access to the full NYC program stack, including HomeFirst, the Homebuyer Dream Program, and SONYMA’s Down Payment Assistance Loan.
Selecting your borough also helps the calculator surface neighborhood-specific programs and refer you to the right HPD-approved counseling agencies — a required step for most grant programs.
Step 4: Enter Your Target Home Price
Grant amounts and loan limits vary by purchase price. HomeFirst, for example, caps assistance at homes priced within FHA loan limits for your borough. Entering your realistic target price helps the calculator show you which programs you can actually use — not just theoretically qualify for.
If you’re not sure what you can afford yet, run the Home Affordability Calculator first, then come back with a realistic number.
Step 5: Answer the Remaining Questions
The calculator asks three more quick questions:
- First-time buyer status — Most programs define “first-time” as not having owned a primary residence in the past 3 years. Recent renters, divorcees, and people who owned in another state often qualify.
- Veteran status — If you’ve served, you may qualify for VA loan programs on top of grant assistance. This unlocks a separate layer of calculation.
- Homebuyer education — Most programs require completion of an HPD-approved homebuyer education course (typically 8 hours, often available online). If you haven’t taken it yet, you can still see your eligibility — the calculator will flag it as a required next step.
What the Results Tell You
After you hit “Calculate,” the results show you each program with a color-coded badge:
- ELIGIBLE — You meet all known requirements for this program right now
- POSSIBLY ELIGIBLE — You likely qualify but one condition needs verification (e.g., lender participation, credit score)
- INELIGIBLE — You don’t meet the income or purchase price requirement for this program
The Four Programs You Might Unlock
1. HomeFirst Down Payment Assistance Program (Up to $100,000)
Run by NYC HPD, HomeFirst provides up to $100,000 toward your down payment or closing costs on a 1–4 family home, condo, or co-op in any NYC borough. Income limit: 80% AMI. Requires 3% of your own funds and completion of a homebuyer education course. The assistance is a forgivable loan — if you live in the home for 15+ years (for loans over $40,000), you owe nothing back.
2. Homebuyer Dream Program (Up to $19,500)
Through the Federal Home Loan Bank of New York, this grant provides up to $19,500 toward down payment and closing costs. It’s accessed through participating community lenders (like Municipal Credit Union). Income limit: 80% AMI. Requires a HUD-approved homeownership counseling course and a 5-year residency commitment.
3. SONYMA Down Payment Assistance Loan (Up to 3% of Home Price)
The State of New York Mortgage Agency offers a 0% interest, deferred-payment second mortgage equal to up to 3% of your home price — on a $600,000 home, that’s $18,000. No payments are due until you sell or refinance. Must be combined with a SONYMA first mortgage.
4. SONYMA Low Interest Rate Program
Below-market interest rates from SONYMA, available to first-time buyers statewide. Can be combined with the DPAL above for a powerful one-two punch on both rate and down payment.
Real Example: What This Looks Like on Staten Island
Let’s say you’re a single buyer earning $72,000 targeting a $550,000 home in New Dorp. Here’s what the calculator might show:
- ✅ HomeFirst: Eligible — up to $100,000 toward closing costs
- ✅ Homebuyer Dream: Eligible — up to $19,500
- ✅ SONYMA DPAL: Eligible — up to $16,500 (3% of $550K)
- ⚠️ SONYMA Low Interest: Possibly eligible — depends on lender
Combined maximum assistance: $119,500+. On a $550,000 home, a conventional 10% down payment is $55,000. These programs could cover your entire down payment and still leave funds for closing costs.
What to Do After You See Your Results
The calculator gives you a roadmap, not a guarantee. Here’s your next three steps:
- Book a homebuyer education course — Required for most programs, and it actually teaches you a lot. HPD has approved agencies that offer these online for free or low cost.
- Get pre-qualified with a participating lender — Not all lenders participate in HomeFirst or SONYMA. I can refer you to lenders in my network who do.
- Call me — I’ll match your eligibility results with the current Staten Island or Brooklyn market to build a realistic timeline and price range for your purchase.
📞 (347) 446-2573 | ✉ [email protected]
Or go straight to the calculator: First-Time Buyer Grant Calculator NYC →
If you’re a veteran, also check the VA Home Loans Staten Island page — VA loans can be layered with some of these assistance programs for even greater benefit.
