NYC homebuyers in 2025 can access up to $100,000 in assistance through programs like HomeFirst, SONYMA, and local nonprofit grants, helping first-time buyers in Brooklyn, Queens, and Manhattan bridge the gap between renting and homeownership.
Even as home prices in NYC show signs of cooling, down payments remain a major barrier. With median prices still around $999,000 in Brooklyn, $1,190,000 in Manhattan, and $719,344 in Queens, programs that reduce upfront costs are crucial for affordability, especially as mortgage rates hover near 6.8%.
Thankfully, New York City and State have rolled out expanded down payment and grant options that can make home ownership more achievable.
1. HomeFirst Down Payment Assistance Program
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What it offers: Up to $100,000 in down payment and closing cost assistance.
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Eligibility: First-time home buyers have a maximum household income up to 120% AMI, purchasing a 1–4 family home, condo, or co-op for owner-occupancy in one of the five boroughs of New York City.
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Update: Funding increased in 2025 per NYC Council resolution (Jan 2025).
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Learn more: NYC Housing Preservation & Development – HomeFirst
2. SONYMA (State of New York Mortgage Agency)
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What it offers: Low down payments (as little as 3%), below-market fixed rates, and an optional Down Payment Assistance Loan (DPAL) up to 3% of the home price (max $15,000).
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Bonus: DPAL loans are forgiven after 10 years if you stay in your home.
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More info: SONYMA Official Site
3. Nonprofit + Local Options
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IMPACCT Brooklyn: Offers workshops and access to city and state grants.
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NYC HDFC Co-ops: Often qualify for special financing with smaller down payments. You can find them at New York City’s affordable housing lottery portal or here at StreetEasy.com.
Contact Ryan Roberts, Licensed Real Estate Salesperson at Douglas Elliman Real Estate, I specialize in guiding first-time homebuyers through every step of the homebuying process, from identifying grant eligibility to securing pre-approvals and finding listings that fit your lifestyle and budget. Backed by trusted, accurate market data and local expertise, I will help you navigate today’s competitive NYC market with confidence.