17 New York First-Time Home Buyers
First-time homebuyers grant programs are one way to make buying a New York home more affordable. Rather than saving money on its own, first-time home buyer grant programs provide money that you can use for a down payment and closing costs, among other things.
What is a First-Time Home Buyer’s Grant?
First-Time Home Buyers Grants are available from a variety of entities, including city and county governments, community development organizations, and non-profit organizations. In many cases, the money does not have to be refunded.
Each grant program has its own terms, conditions and eligibility criteria, but in general applicants should:
Be a first-time home buyer.
Take a training course for home buyers.
Meet the income requirements.
Meet the purchase price requirements.
Occupy the house as your primary residence.
Buy from an approved location.
Grants aren’t the only programs for first-time homebuyers in New York, of course. The New York State Mortgage Agency, or SONYMA, offers affordable mortgages and other support options that you may find helpful.
Grants for first-time homebuyers available across NY
Offered by the New York State Association of Realtors and the Community Foundation for the Greater Capital Region, this grant program offers $ 2,000 to help first-time homebuyers cover their down payment and their costs. closing costs. The grant is a gift, and if granted, there is no obligation to repay it. The grant is only available to buyers in New York State who work with a real estate agent. Grants are awarded through a monthly lottery of qualified applicants. Those who are refused can reapply the following month.
New York City Borough Grant Programs
The HomeFirst program offers up to $ 40,000 in down payment or closing costs assistance. The assistance is provided in the form of a forgivable loan, which means that no payment is due as long as the buyers occupy the home for 10 consecutive years. The property can be a family home with one to four units, a condominium, or a co-op, and it must be located in one of New York City’s five boroughs. In addition to fulfilling the general eligibility conditions, applicants must be able to contribute part of their own funds towards the purchase.
The NeighborhoodLIFT program offers up to $ 20,000 in down payment assistance. The funds are provided in the form of a five-year forgivable loan, and a portion is returned each year the buyer occupies the home. The balance is due immediately if the buyer moves out before five years have passed. While the NeighborhoodLIFT program is not limited to first-time homebuyers, all applicants must complete an approved training course for homebuyers. The property must be located in Brooklyn, Bronx or Queens.
Offered by Brooklyn Neighborhood Housing Services, this grant program provides up to $ 20,000 in assistance to potential home buyers. Funds are provided by New York State Homes and Community Renewal (UNHCR). Only Brooklyn homes are eligible.
Grant programs in the Capital District
Offered by the Albany Community Development Agency, this program offers buyers a percentage of the purchase price of their home – up to $ 14,900 – for down payment and help with closing costs. The funds are provided in the form of a pro-rated deferred loan with a maximum term of five years. Buyers are required to repay the grant if they sell or transfer ownership, or die within the first five years of ownership. The property must be located in the city of Albany.
This program is designed to help offset the cost of buying a home in Albany County. The Albany County Rural Housing Alliance, or ACRHA, provides funds in the form of a 10-year forgivable loan. The amount of assistance provided depends on the needs and income of the applicant. In addition to meeting the general eligibility requirements, applicants must be able to contribute $ 1,500 from their own funds. The purchase price of the property cannot exceed $ 190,000 and the house must be located outside of the town of Albany.
Administered by the Troy Rehabilitation and Improvement Program (TRIP), this program provides up to $ 20,000 in down payment and assistance with closing costs. In addition to meeting the general eligibility requirements, applicants must have registered $ 1,500 in an account for three consecutive months and the property must be located in the city of Troy.
This program, administered by the Troy Rehabilitation and Improvement Program (TRIP), offers up to $ 20,000 in a down payment grant and closing costs. Applicants must have saved $ 1,500 in an account for three consecutive months and must also meet general eligibility criteria. Only properties located in Rensselaer County, but outside the City of Troy, are eligible.
This grant program helps first-time buyers purchase a single-family home, condo, or townhouse in Colony Town, Colony Village, and Menands Village. “The grant amount varies between $ 14,000 and $ 25,000 depending on income and family size,” said Jennifer Kennedy, an assistant with the Colony Community Development Department, in an email. The buyer will have to repay the grant if they do not use the house as their primary residence for the period of time decided upon at closing. In addition to meeting the general eligibility requirements, applicants will need to have a savings account with an average balance of $ 1,500.
Grant Programs in Western New York
Funded by the New York State Governor’s Office for Small Towns, this grant program provides up to $ 19,000 to help cover a down payment, closing costs and other expenses related to the purchase. of a house. If the property is sold, transferred, foreclosed or no longer occupied before the 11th year of ownership, part of the grant may have to be repaid. Grant funds can only be used to purchase a single or two-family home in the Town of Lockport, and the purchase price cannot exceed $ 80,000.
Offered by the Hamburg Department of Community Development, this grant program offers first-time homebuyers up to $ 10,000 in down payment assistance. In addition to meeting the general eligibility requirements, applicants must agree to occupy the property for 10 years. If the buyers sell the house or change the title in any way before the 10-year mark, the grant must be repaid in full. Applicants must also be able to contribute at least 5% of the total cost of the house. Only single-family homes in the city of Hamburg and the villages of Blasdell and Hamburg are eligible.
Grant programs in central New York
Offered in cooperation with the City of Auburn, this program offers grants of up to $ 3,000 to help qualified first-time homebuyers cover the down payment and closing costs. The funds are provided in the form of a deferred loan, which means that no repayment is required as long as the buyers own and occupy the home for five years. In addition to meeting the general eligibility requirements, applicants must contribute $ 500 from their own funds. They will also need a signed offer to purchase for a home located in Auburn Town or Cayuga County. The purchase price of the home must be $ 110,000 or less.
Offered by the Cortland Housing Assistance Council and the Empire Development Corporation, this grant program provides funds that first-time homebuyers can use to reduce closing costs and repair their new home after purchase. In addition to meeting the general eligibility requirements, applicants must purchase a single-family home located in Cortland County.
This grant program offers up to $ 30,000 for down payment and closing costs. The funds are provided in the form of an interest free loan, but the full amount must be repaid if the property is sold. In addition to meeting general eligibility requirements, the property must be located in Tompkins County (but outside of the city of Ithaca), cost $ 165,000 or less, and pass an inspection by Ithaca Neighborhood Housing Services.
This grant program offers first-time home buyers up to $ 4,000 to pay for closing costs. The assistance takes the form of a deferred loan which is written off if the buyer has lived in the house for at least five years. In addition to meeting the general eligibility requirements, buyers must contribute at least $ 500 towards the purchase. The house must be located in Syracuse and cost no more than $ 120,000.
Grant Programs in the North Country / Mohawk Valley
This grant program provides up to 5% of the mortgage principal to use as a down payment, pay closing costs or correct problems with the property. Although the name of the program includes Essex County, funding is currently limited to houses in County Clinton, HAPEC Housing Advisor Penny Daniels said in an email. Funds from this grant program can also be used to build a house on land owned by the applicant.
Offered through the HomeOwnership Center, this grant program provides first-time homebuyers with $ 6,500 to use for a down payment or closing costs. The funds are provided in the form of a fully repayable loan. As long as the claimants retain ownership of the property for five years, no refund is required. In addition to meeting the general eligibility conditions, buyers must make a personal contribution of $ 2,000. Only properties in specific parts of Utica are eligible.
Your next step
Think you are a good candidate for one of the New York First-Time Home Buyers Scholarships listed above? Take the next step by contacting the organization offering the funds. Find out about additional eligibility requirements and make sure you understand the terms and conditions before applying. You can also seek advice on choosing a known mortgage lender to work with your chosen grant program.