What’s the Truth About First-Time Home Buyer Programs NYC? Up to $100K for Your Down Payment

What if the City of New York would give you up to $100,000 to buy your first home? Not a bank loan. Not a family gift. A forgivable second mortgage from NYC’s HomeFirst program - and most people have never heard of it.

In this video, I break down every major first-time home buyer program available in New York City right now, including programs that can be stacked together for maximum savings. Whether you’re looking at Staten Island, Brooklyn, or anywhere in the five boroughs, these programs could save you tens of thousands of dollars.

Programs Covered in This Video

1. HomeFirst Down Payment Assistance - Up to $100,000

NYC’s HomeFirst program offers up to $100,000 in down payment assistance as a forgivable second mortgage. If you stay in the home for a set period, you don’t have to pay it back. This is one of the most generous programs in the entire country, and it’s available right here in New York City.

2. Housing Development Fund (HDP) - $30,000 Grant

The HDP program provides a $30,000 grant that does not need to be repaid. That’s free money toward your home purchase. This program has specific eligibility requirements, but for those who qualify, it’s an incredible opportunity.

3. SONYMA (State of New York Mortgage Agency)

SONYMA offers below-market interest rates plus up to $15,000 in down payment assistance. This state-level program can be combined with city programs for even greater savings on your home purchase.

4. FHA and VA Loans

FHA loans allow down payments as low as 3.5%, making homeownership accessible even if you haven’t saved a large down payment. VA loans offer zero down payment options for eligible veterans and active-duty service members.

5. Stacking Programs Together

One of the biggest advantages many buyers don’t realize is that several of these programs can be combined. By stacking HomeFirst with SONYMA or combining grants with favorable loan terms, you could potentially cover your entire down payment and closing costs.

Video Timestamps

0:00 - $100K for your down payment?
1:00 - The real barrier to homeownership
1:30 - Free Programs Guide download
2:00 - HomeFirst: up to $100K
3:30 - HDP: $30K grant (no repayment)
5:00 - SONYMA: below-market rates + $15K
7:00 - FHA and VA loans explained
8:00 - Stacking programs together
9:00 - Step-by-step application process
10:30 - 3 biggest mistakes buyers make
12:00 - Your next steps

Free Buyer Programs Calculator

Want to see which programs you qualify for? Use our FREE First-Time Buyer Programs Calculator to instantly check your eligibility for HomeFirst, HDP, SONYMA, and more. Just enter your basic information and get personalized results in seconds.

Ready to Start Your Home Buying Journey?

As a Staten Island and Brooklyn real estate specialist, I help first-time buyers navigate these programs every day. I’ll walk you through the entire process - from program applications to finding the right home to closing day.

Book a Free Buyer Consultation

Joseph Ranola | Bridge and Boro Team
Specializing in Staten Island and Brooklyn, NYC
ranolarealestate.com