Owning a home in New York is very expensive, which is why in this article we have covered some of the first time home owner grants NY.
The median price for buying your home in New York is a whooping $800,000, while the median price for renting is $3000.
Aside from the money you pay for buying or renting a home you also need to consider other expenses like property taxes, homeowners insurance, maintenance, and repairs.
Not many people in New York own their own home due to the high cost this is why the first time home owner grants NY is very important to those seeking to own a house in NY.
As of 2022, just 33.3% of people living in New York City owned their own house.
The homeownership rate is lower in areas like Staten Island (29%) and Bronx (18%).
List of First Time Home Owner Grants NY
Below are some of the best first time home owner grants NY that can help you own your own house despite the high cost of land, high cost of construction, high demand for housing in New York City, and high property taxes.
State of New York Mortgage Agency (SONYMA) Down Payment Assistance Loan Program
The two main mortgage programs offered by SONYMA are Achieving the Dream and Low-Interest Rate.
These two initiatives, which are described in detail on this page, are made to assist you in finding the home of your dreams at a price you can afford.
All mortgage programs from SONYMA come with an optional down payment aid option, and all programs can be paired with other grants and subsidies.
Website: https://hcr.ny.gov/sonyma-programs
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Neighborhood Revitalization Program
HCR invests in thriving communities and builds, maintains, and supports affordable housing. To provide all New Yorkers with safe, healthy, and affordable housing options, they collaborate with several business, public, and nonprofit partners.
HCR has the responsibility of implementing Governor Hochul’s new $25 billion, five-year, comprehensive housing plan, which aims to increase the supply of housing by building or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, and electrifying an additional 50,000 homes.
Website: https://hcr.ny.gov/neighborhood-revitalization-program
HomeFirst Down Payment Assistance Program
In one of the five boroughs of New York City, the HomeFirst Down Payment Assistance Program offers qualified purchasers up to $100,000 toward the down payment or closing expenses on a 1-4-family home, a condominium, or a cooperative.
Website: https://www.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page
Homebuyer Incentive Program (HIP)
Federal HOME funds are managed by the HomeOwnership Center of the Troy Rehabilitation and Improvement Program (TRIP), which makes them available to first-time homebuyers in Troy for assistance with closing costs and/or down payments.
To encourage home ownership in Troy for low-income homebuyers, the Homebuyer Incentive Program (HIP) awards assistance of $15,000 and $20,000 to applicants who qualify based on their income.
TRIP stipulates that all candidates must be first-time homebuyers, earn less than 80% of the region median income, and have a minimum of $1,500 in savings at the time of application.
They must have completed the pre-purchase program before applying for down payment assistance.
Applicants must be prepared to sign a 10-year grant enforcement and cannot be under contract to buy a house at the time of application.
Website: https://www.fha.com/grants/new-york-homebuyer-incentive-program
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Homebuyer Assistance Program (HAP)
For qualified buyers of 1-4 family homes, condominiums, or cooperatives in one of New York City’s five boroughs, the HomeFirst Down Payment Assistance Program offers up to $100,000 toward the down payment or closing fees.
Website: https://www.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page
Affordable Homeownership Program (AHP)
Since 1990, the FHLBNY has dedicated 10% of its private revenues to the Affordable Housing Program, which supports the construction and preservation of housing for lower-income families and individuals.
Members who submit applications on behalf of project sponsors who intend to buy, renovate, or build affordable homes or apartments are given grants from the AHP.
According to the FHLBNY’s discretion, these monies are distributed through a competitive process that normally happens once or twice a year.
Website: https://www.fhlbny.com/community/housing-programs/ahp/
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Good Neighbor Next Door Program
Through HUD’s Good Neighbor Next Door Sales Program, law enforcement personnel, educators (pre-K through 12th grade), firemen, and emergency medical technicians can contribute to neighborhood redevelopment while becoming homeowners.
HUD provides a sizable incentive in the shape of a 50% discount off the home’s list price. In exchange, a qualified buyer agrees to make the home his or her primary residence for a period of 36 months.
Website: https://www.hud.gov/program_offices/housing/sfh/reo/goodn/gnndabot
Home Acquisition Program (HAP)
The Home Acquisition Program (HAP), which the City of Albany makes available to its citizens, helps low-income families who earn less than 80% of the area median income.
They must utilize the money to buy a 1- to 4-unit building, condominium, or cooperative unit in the City of Albany, and they cannot already be homeowners.
Website: https://www.fha.com/grants/new-york-home-acquisition-program
Buffalo Homeownership Set-Aside Program
The Homeownership Set-Aside Program helps low- and moderate-income households buy a home by using a portion of an FHLB’s Affordable Housing Program money towards the down payment, closing charges, and/or rehabilitation expenditures.
Website: https://www.fdic.gov/resources/bankers/affordable-mortgage-lending-center/guide/part-3-docs/homeownership-set-aside-program.pdf
Other First Time Homeowner Grants NY are listed in the table below:
| Schenectady Homeownership Assistance Program | https://www.cityofschenectady.com/2Albany%20Homebuyer%20Incentive%20Program73/Homebuyer-Homeowner-Resources |
| Syracuse Homebuyer Program | https://www.homehq.org/homebuyer-lending |
| Mount Vernon First-Time Homebuyer Program | https://www.cmvny.com/246/HOME-Investment-Partnerships-Program |
| Utica Homeownership Program | https://cityofutica.com/departments/section-8/homeownership-program/index |
| Troy Homeownership Incentive Program | https://triponline.org/down-payment-assistance/ |
| Niagara Falls Homeownership Assistance Program | https://nf-cd.org/homebuyers |
| Rochester’s Home Purchase Assistance Program (HPAP) | https://www.cityofrochester.gov/homebuyer/ |
| Yonkers First-Time Homebuyer Program | https://homes.westchestergov.com/down-payment-and-closing-cost-assistance |
| Long Island Homebuyer Down Payment Assistance Program | https://www.lihp.org/downpayment.html |
| Neighborworks Community Partners | https://ncpny.org/our-services/first-time-homebuyer-assistance/ |
| Niagara Regional Housing | https://nrh.ca/applicants/fact-sheets/welcome-home.shtml |
FAQ
Does NY have a first-time homebuyer program?
Qualified first-time home buyers who wish to buy a home in the state can take advantage of special programs offered by the State of New York Mortgage Agency, or SONYMA.
SONYMA regards you as a first-time home buyer if you haven’t owned a primary house in the last three years.
What is the New York State Homeowner Grant?
A federally sponsored program called the New York State Homeowner Assistance Fund (or “NYS HAF”) was created to help homeowners who are in danger of going into default, facing foreclosure, or being evicted as a result of a financial difficulty brought on by the COVID-19 pandemic.
What credit score is needed to buy a house in NY?
A credit score of 620 or above is typically required to qualify for a mortgage; the higher the score, the better.
Homebuyers with credit scores in the mid-700s (or higher) typically receive the best mortgage rates from lenders, but each lender has different requirements for loan approval.