New York City is consistently ranked among the the most expensive places to live in the united states. In 2021 Rocket Mortgage found that NYC was second only to San Francisco in terms of the most expensive US locations.
The price of a square foot in Manhattan is close to the average monthly mortgage payment in the United States, which means that New York City is a very expensive place to find a first home.
Fortunately, there are programs offered, both at the city and state level, that provide financial assistance for first owners.
NYC HomeFirst Payment Assistance Program
The lump-sum down payment is often the biggest stumbling block for first-time buyers, who may have to find a six-figure sum to secure a mortgage on the property of their choice. Generally, the amount required reflects both the value of the property and the financial means of the buyer, which means that first-timers in New York will probably have to shell out a considerable sum.
Fortunately the HomeFirst Down Payment Assistance Program can offer up to $100,000 towards down payment or closing costs on a New York property. The program applies to a family home with up to four bedrooms, a condominium, or a co-op in one of New York’s five boroughs.
To qualify for the program, you must be a first-time homebuyer with your own savings to contribute to the requirements. The beneficiary must agree to take a homebuyer training course taught by a licensed consultancy agency and the property must pass a housing quality standards inspection.
For more information on how to apply, see NYC Housing About HomeFirst help page.
What support can I get from New York State?
HomeFirst should probably be the first port of call for potential buyers in the city, but there are also a host of state government-provided programs that New York residents can access as well.
the New York State Mortgage Agency (SONYMA) offers a wide variety of first-time homebuyer assistance programs in New York State. For these programs, SONYMA is a bit more forgiving, covering anyone who has not owned a principal residence for three years and who do not currently have a secondary residence in their definition of “first-time buyer”.
You will find all the information on the programs offered on the SONYMA website:
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