Down payment assistance, grants, forgivable loans, and tax credits available to New York buyers. Each program below is verified, with eligibility rules, benefit amounts, and a direct link to the official agency.
Administered by NYC Housing Preservation & Development
Up to $100,000
Forgivable second mortgage for down payment and closing costs in NYC five boroughs. Must repay if sell or refinance before 10 years (15 years if over $40,000).
Do I have to be a first-time homebuyer to qualify?
Most New York programs require first-time buyer status, but the definition is broader than most people think — the IRS considers you a first-time buyer if you haven't owned a primary residence in the last three years. Each program above lists its specific rules.
What credit score do I need?
Minimum credit scores vary by program. Most New York programs require 620 to 660, though some lower-tier products accept lower scores with manual underwriting. Check each program's eligibility section above.
How do I actually apply?
Most state programs aren't applied to directly — you go through a participating lender, who handles the program application as part of your mortgage. Each program above links to the official agency page with the current list of approved lenders.
Can I combine multiple programs?
Often yes — many states allow you to stack a state down-payment grant with a federal FHA or VA loan. Some programs explicitly forbid combining; check each program's "special requirements" above.
Do these programs cost anything?
The programs themselves are free to apply for. Some require completing a homebuyer education course (typically $50–$100, sometimes free). Forgivable second mortgages technically don't cost you unless you sell or refinance early — read the terms carefully.
