New York Down Payment Assistance Programs

Albany Home Acquisition Program (HAP)
$15,000 (518) 434-5273
Binghamton First Ward Action Council Affordable HOME Program (AHP)
$10,000 (607) 231-2850
Buffalo HomeFront Inc Down Payment & Closing Cost Assistance Program (DPCC)
$5,000 (716) 856-2952
Chautauqua County Federal Home Loan Bank of New York Affordable Housing Program (AHP)
$25,000 (716) 841-1603
Chemung, Schuyler & Steuben Counties - Tri County Housing Council HOME Program
$12,100 (607) 562-2477
Glens Falls First Time Homebuyer Program (FTHB)
$25,000 (518) 761-3833
Hamburg Hometown Housing Program Existing Home
$10,000 (716) 648-6216
Multi Counties Bishop Sheen Ecumenical Housing Foundation Inc First Time Homebuyer HOME Program (FTHHP)
$12,480 (716) 461-4263
Multi Townships M-ARK Project Inc First Time Homebuyers Program (FTHB)
$15,000 (845) 586-3500
New York Bishop Sheen Ecumenical Housing Foundation Home Ownership Loan Program
$3,000 (716) 461-4263
Rochester Home Expo Program (HOME)
$22,500 (716) 325-4663
Rochester Home Purchase Assistance Program (HPAP)
$5,000 (716) 325-4663
Rochester, HOME Rochester (HR)
$25,000 (716) 325-4663
Suffolk County First Time Home Buyers Down Payment Assistance Program (DPAP)
$10,000 (516) 853-5705
Syracuse University Neighborhood Preservation Association Mortgage Assistance Program (MAP)
$3,000 (315) 476-5228
Ulster County Rural Ulster Preservation Company Direct Homeownership Assistance Program (DHAP)
$15,000 (845) 331-2140
Yates County Keuka Housing Council Inc Home Ownership Program (HOP)
$12,000 (315) 536-8707
Yates County New Construction Program (NCP)
$25,000 (315) 536-8707

There are certain areas in NY where lenders are able to offer better interest rates and programs than those available everywhere else.
There are many government or other agency sponsored mortgage programs specifically targeted to, and only available in these areas.
Contact Marty Searing at 414-303-1215 or msearing@mayfairmortgage.com to see if you qualify for any of these great programs.

In New York City there is the "HomeFirst Down Payment Assistance Program". It gives qualified buyers up to 6% of a home's purchase price toward the down payment or closing costs. This can be on a 1-4 family home, a condominium, or a cooperative in one of the 5 boroughs of New York City.

Bronx
NHS of the North Bronx
1178 East Gun Hill Road
Bronx, NY 10469
Tel: (718) 881-1180 x202
Languages: English and Spanish

NHS of the South Bronx
Concourse Plaza
200 East 161st Street
Bronx, NY 10451
Tel: (718) 992-5979
Languages: English and Spanish

Brooklyn
ACORN Housing Corporation
2-4 Nevins Street, 2nd Floor
Brooklyn, NY 11217
Tel: (718) 246-8080
Languages: English and Spanish

Cypress Hills Local Development Corporation
3214 Fulton Street
Brooklyn, NY 11208
Tel: (718) 647-8100
Languages: English and Spanish

NHS of Bedford Stuyvesant
1012 Gates Avenue
Brooklyn, NY 11221
Tel: (718) 919-2100
Languages: English and Spanish

NHS of East Flatbush
2806 Church Ave
Brooklyn, NY 11226
Tel: (718) 469-4679
Languages: English

Pratt Area Community Council
201 DeKalb Avenue
Brooklyn, NY 11205
Tel: (718) 522-2613
Languages: English

Neighbors Helping Neighbors
443 39th Street, Suite 202
Brooklyn, NY 11232
Tel: (718) 686-7946 x17
Languages: English and Spanish

Manhattan
Abyssinian Development Corporation
4 West 125th Street
New York, NY 10027
Tel: (212) 368-4471
Languages: English

Asian Americans For Equality
111 Division Street
New York, NY 10002
Tel: (212) 964-2288
Languages: Mandarin, Cantonese, Korean

Queens
NHS of Jamaica
89-70 162nd Street
Jamaica, NY 11432
Tel: (718) 291-7400 x13
Languages: English

NHS of Northern Queens
60-20 Woodside Avenue
2nd Floor
Woodside, NY 11377
Tel: (718) 457-1017
Languages: English and Spanish

Staten Island
NHS of Staten Island
West Brighton
1205 Castleton Avenue
Staten Island, NY 10310
Tel: (718) 442-8080
Languages: English and Spanish

Northfield Community Local Development Corporation
160 Heberton Avenue
Staten Island, NY 10302
(718) 442-7351
Languages: English

Most programs administrators place a lien on the home whose owner received downpayment assistance. The amount of the lien is reduced every year and eventually eliminated after a certain number of years. If a home onwer sells his property or refinance to cash out equity while there is still a lien on the property, he will need to return part of the assistance. Such measure is in place to prevent assistance recipients taking advantage of the assistance programs by "flipping", or quickly buy and sell, properties.

These type of programs are in place for first time home buyers who need assistance with down payment and/or closing costs. These programs also help the economy by allowing more homes to be sold because more buyers are now available to purcahse homes.

 

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