🏡 HPD’s HomeFirst Grant Is Now Faster Than Ever — Here’s What You Need to Know

If you're a first-time homebuyer in New York City, you’ve probably heard of the HomeFirst Down Payment Assistance Program. It’s a game-changing initiative from the NYC Department of Housing Preservation and Development (HPD) that provides up to $100,000 toward your down payment and closing costs.

But here’s what’s new: It’s faster than ever to get approved.

🚀 What Changed?

In the past, many buyers and agents avoided the HomeFirst program due to its long processing time. It could easily take 2 to 3 months—or more—to receive grant approval, delaying closings (or leading to cancelling closings) and frustrating everyone involved.

Now, thanks to HPD’s system upgrades and process improvements, approvals are happening in as little as 30 days. That means more deals are staying on track—and buyers are finally getting the help they need without unnecessary delays.

💸 What Is the HomeFirst Grant?

HomeFirst provides qualified first-time buyers with up to $100,000 in assistance that can be used for:

• Down payment

• Closing costs

It’s a forgivable loan—meaning you don’t have to pay it back as long as you live in the home as your primary residence for a set number of years:

• If you receive less than $40,000, the loan is forgiven after 10 years

• If you receive $40,000 or more, the loan is forgiven after 15 years

✅ Who’s Eligible?

To qualify, you must:

• Be a first-time homebuyer

• Have a household income at or below 120% of Area Median Income (AMI)

• Complete an HPD-approved homebuyer education course

• Purchase a 1–4 family home, condo, or co-op in NYC

• Plan to use the home as your primary residence

Bonus: There’s no minimum credit score requirement listed, and many buyers use this program alongside other mortgage products like FHA or SONYMA loans.

🕒 How Long Does It Take Now?

About 4 weeks.

Once you complete your homebuyer education course, go into contract, and submit your application, the process has become significantly faster. HPD’s digital tools and system upgrades are helping grant coordinators move applications along much more efficiently.

📍 Why This Matters

With a faster approval timeline, you no longer have to choose between getting financial help and closing on time. You can now stay competitive in a tight market without leaving free money on the table.

📞 Ready to Use HomeFirst for Your Home Purchase?

As a licensed NYC real estate professional who has successfully helped buyers navigate this program, I’m here to support you every step of the way—from eligibility and education to offer and closing.

📲 Call or text me at 917-254-2103.
For your FREE Home Buying or Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.

Let’s make homeownership happen—with less stress and more support.