Your first home.
A plan you understand.

Start here: learn how credit, savings, interest and monthly ownership costs work. Build a realistic savings habit and explore education or work that supports your future income.

Mortgage applications and purchase contracts require legal capacity to enter a contract. A minor should get guidance from a trusted adult and qualified professional rather than assume they can borrow or buy independently.

Your next move: use our education and work resources, then return to the buyer checklist when you are ready.

Start here: track your actual take-home pay, debts, rent and savings. Review credit reports and discuss limited credit history, student loans or a recent job change with a housing counselor and lender.

Gather: income records, account statements, debt details and any requested education or employment history. Ask the lender what documentation your loan requires; there is no universal rule that every applicant must have two years in the same job.

Your next move: compare education pathways, create a cash-at-closing plan and get lender guidance before making offers. Avoid new debt during the application without consulting your lender.

Start here: budget for childcare, commuting, healthcare and other real expenses alongside the mortgage. Consider the space and location you need now and later.

Gather: the requested records for each borrower and household income information required by an assistance program. Ask which people count toward household size and income; this may differ from who signs the mortgage.

Your next move: if buying together, have an attorney explain title ownership, financial responsibilities and what happens if someone leaves, dies or wants to sell. Ask how gift funds must be documented before accepting or moving money.

Start here: review prior ownership, divorce or separation, existing debts and any past foreclosure or bankruptcy with the appropriate professional. “First-time” can have a program-specific lookback period; previous ownership does not answer eligibility for every program.

Gather: documents the lender requests about property ownership, debts, support obligations and resolved credit events. Share sensitive records through the lender’s secure system.

Your next move: ask about the selected loan’s waiting periods and assistance rules, then build a purchase budget that protects emergency savings and retirement plans. Review retirement-fund rules before making a withdrawal.

Start here: plan around sustainable retirement income, taxes, insurance, maintenance, healthcare and accessibility. Compare stairs, transportation and the cost of future adaptations.

Gather: pension or benefit award letters, retirement-account statements and other income documents requested by the lender. Ask how the lender evaluates income amounts and their expected continuation.

Being older does not automatically rule out a regular mortgage. Federal law generally restricts using age to make credit decisions, with specific exceptions. Retirement itself is not a down-payment assistance program.

Your next move: speak with a housing counselor and compare the long-term cost of each financing option before using retirement savings. Read the CFPB explanation of age and mortgage decisions →

Start here: identify the home features you need and request accessible communication or application assistance from the provider. Ask the lender how documented benefit income will be reviewed for the particular loan.

Gather: requested benefit award letters and income records. You do not need to send Dmoonz a diagnosis, Social Security number or medical file through general intake.

SSI and SSDI have different rules. SSA generally excludes the home you live in from SSI’s resource count, but cash savings, gifts and other assets can have different effects. Other benefits have their own rules.

Your next move: coordinate with a qualified benefits counselor or the administering agency before receiving purchase funds, moving assets or changing housing. Do not assume a rental voucher can be used to buy; ask your housing authority whether it offers a homeownership option and whether you qualify. SSA: SSI resources and exclusions →

Start here: ask the lender how it calculates qualifying income from your business or fluctuating earnings. Gross sales and the income a lender accepts can be different.

Gather: the tax returns, business records, profit-and-loss statements and account statements the lender requests. Keep personal and business transactions organized and explain large deposits.

Your next move: consult your tax professional and lender before changing business finances or assuming deductions have no effect on borrowing. Confirm requirements early, then follow the full buyer checklist.

Start here: ask about VA loan eligibility and a Certificate of Eligibility. Military affiliation alone does not establish that every household qualifies.

Gather: service and income documents requested for your application. Ask about occupancy rules, a possible funding fee or exemption, closing costs and the property review.

Your next move: compare the VA and other loan pathways with an experienced lender. A Certificate of Eligibility is one step; it is not final loan approval.

Review income, debts, credit history, available savings and how long you expect to stay. Build a monthly budget that leaves room for essentials and unexpected expenses. A lender’s maximum approval is not necessarily your comfortable budget.

Organize income records, tax returns where requested, debt information and proof of savings for a lender’s secure application. Ask a housing counselor about readiness and homebuyer education. You can begin learning before you are ready to purchase.

CFPB homebuying guide →

Down payment: the portion of the purchase price you contribute. Closing costs: transaction charges and prepaid items due when the purchase closes. Ask for the total cash needed—not just the down payment.

Budget for mortgage principal and interest, property taxes, homeowners insurance, applicable mortgage insurance, and condo or co-op charges. Utilities, maintenance, repairs and an emergency reserve matter too.

A two-family property may bring rental income, but also vacancies, repairs, landlord duties and lending requirements. Have the lender and attorney review the assumptions before relying on rent to afford the home.

• Income: documentation of earnings or other income the lender can accept. Requirements vary for employees, self-employed buyers and other income sources.
• Credit: credit reports and payment history. Ask the lender about the selected loan’s requirements and any issues to address.
• Debt-to-income ratio (DTI): monthly debt obligations compared with gross monthly income. Limits depend on the loan and lender review.
• Savings: documented down-payment funds, closing costs and any required reserves. Ask how gifts and assistance can be used.
• Property: an eligible home, acceptable value and condition, and any condo or co-op requirements.
• Program conditions: income and purchase-price limits, education, occupancy and participating lender requirements where applicable.

Prepare identification, income records, account statements, debt information and tax returns where requested. Obtain the lender’s exact checklist and send sensitive records securely. Preapproval remains conditional until the lender completes review.

Programs define it differently; it does not always mean you have never owned any property. Ask the program to review prior ownership, your household and any applicable exception. Do not assume qualifying for one program means you qualify for another.

What it offers: a conditional forgivable loan of up to $100,000 for eligible NYC purchases.

What you need: first-time-buyer eligibility, approved education and counseling, qualifying income, an eligible owner-occupied property, required inspection and at least 3% of the purchase price from your own funds. Income and purchase-price limits depend on household and property.

Important terms: required occupancy is generally 10 years for assistance of $40,000 or less and 15 years above that; City-funded loans require 15 years regardless of amount. Ask about repayment triggers and funding availability.

Start here: contact an HPD-approved counselor, then follow the participating-lender and program process. A course certificate alone is not a mortgage or funding approval. Current requirements, limits and counselors →

What it offers: New York home-purchase mortgage programs through participating lenders, with eligible assistance and add-on features.

What you need: the chosen program’s income, purchase-price, credit, property, education and occupancy requirements. Ask a participating lender which route fits your household.

What to check: current rates, required contribution, assistance repayment or forgiveness conditions, and compatibility with other funding. Do not assume every advertised add-on is currently funded for you.

Explore SONYMA and its current programs →

What it offers: FHA insurance on a loan made by an approved lender; qualifying borrowers may put down as little as 3.5%.

What you need: lender approval of credit, income, debts, funds and the property. The minimum down payment depends on eligibility.

Costs: mortgage insurance and other charges apply. This is a repayable loan, not a grant or a first-time-only benefit. Ask for the full monthly payment and cash needed at closing.

HUD’s FHA overview →

What it offers: a conventional mortgage with down payments as low as 3% for qualifying borrowers.

Who may fit: borrowers whose qualifying income is no more than 80% of area median income (AMI) for the property location, subject to loan and lender rules. AMI is a regional income benchmark; it is not the same as your salary.

Start: ask a lender to check HomeReady eligibility, education requirements, mortgage insurance and permitted funding sources. Fannie Mae does not give you a consumer grant through this program.

HomeReady buyer overview →

What it offers: down payments as low as 3% for qualifying borrowers, with flexible eligible funding sources.

Who may fit: qualifying income generally limited to 80% of AMI for the property location. Credit, education, property and lender requirements also apply.

Start: ask a lender to compare Home Possible with your other options, including the complete payment, mortgage insurance and fees.

Freddie Mac’s low-down-payment guide →

What it offers: VA-backed home-loan pathways for eligible applicants. Benefits and costs depend on the selected loan and circumstances.

What you need: service-based eligibility, a Certificate of Eligibility (COE), and lender approval of the financial and property requirements. A COE confirms the VA eligibility component; it is not a loan approval.

Start: check eligibility with VA and compare an appropriate loan with a participating lender. Ask about funding fees, any exemption and cash needed at closing.

VA eligibility and COE instructions →

Ask the lender and assistance administrator to confirm compatibility in writing before relying on stacked funding. Combining assistance can affect loan structure, required contributions, closing timing and repayment terms.

The mortgage lender supplies approved loan funds, which you repay under the loan terms. The assistance administrator releases eligible assistance under its agreement, often through closing. Do not assume assistance is cash handed directly to you.

Get a written breakdown of purchase price, down payment, assistance, closing costs, credits and your final cash requirement. Confirm every professional fee and required program step before paying.

1. Readiness: build a budget and explore counseling and assistance.
2. Lender review: compare loan options and request preapproval. Preapproval is conditional, not a final loan commitment.
3. Search: work with a licensed real estate professional; check the property and neighborhood against your needs.
4. Offer and contract: have your attorney review terms, contingencies and deposit rules before signing.
5. Due diligence: arrange appropriate inspection and review. A lender appraisal estimates value; it does not replace a home inspection.
6. Underwriting and title: the lender reviews the loan; your attorney and title professionals review legal ownership and claims.
7. Closing: review final figures and documents, confirm funds safely and complete the transaction.

Timing varies with financing, property issues, assistance approval and contract terms. Ask each professional about deadlines. Do not make major financial changes during underwriting without discussing them with your lender.

Understand the Closing Disclosure →

Preapproval

A lender’s conditional assessment of borrowing ability.

APR

Annual percentage rate: a measure including interest and certain loan costs; compare it alongside the payment and terms.

Underwriting

The lender’s review of the borrower, property and loan requirements.

Contingency

A contract condition affecting the parties’ obligations. Ask your attorney how it protects you and when it expires.

Appraisal

An estimate of property value, generally used by the lender.

Inspection

A review of the property’s condition. Its scope differs from an appraisal.

Loan Estimate

A disclosure showing estimated mortgage terms and costs.

Closing Disclosure

A disclosure of final mortgage terms and costs to review before closing.

More housing terms →

HPD’s HomeFirst directory lists agencies including Chhaya CDC, Asian Americans for Equality (AAFE), NHS of Jamaica, NHS of Queens CDC and Margert Community Corporation. Approval for HomeFirst is program-specific; verify current services and requirements directly.

View the current approved list, boroughs, languages and contact details →

For broader HUD counseling help, call 800-569-4287. NACA uses its own workshop and counseling route: start with NACA directly.

• Are you currently approved for the program I want?
• Does this workshop produce the required certificate?
• What attendance and counseling are required?
• Are there fees, waivers, remote sessions or language options?
• When does the certificate expire?
• Who reviews the assistance application and reserves funds?

A compliant plan loan generally is not taxable when borrowed. Plans are not required to offer loans. The general maximum is the lesser of $50,000 or 50% of the vested balance, with adjustments and limited exceptions.

Repayment is normally within five years; a loan used to buy your principal residence may allow longer. Ask about interest, payroll deductions, fees and the plan’s actual terms. Default or a job change can create a taxable distribution or loan offset; additional tax may apply. Review the effect on retirement growth and mortgage affordability.

IRS plan-loan rules →

Your plan may allow a hardship distribution for qualifying principal-residence purchase costs. That is permission to withdraw—not exemption from tax. Taxable amounts generally count as income; before age 59½, an additional 10% early-distribution tax may apply unless a separate exception applies.

The IRA first-home exception does not apply directly to a 401(k). Hardship withdrawals generally cannot be repaid to the plan or rolled over. Ask the administrator and a tax professional to calculate taxes and withholding before requesting funds.

IRS hardship rules →

Qualified first-home IRA distributions may avoid the 10% additional tax up to a $10,000 lifetime limit per individual. Ordinary income tax may still apply.

Generally, the first-time test requires no ownership interest in a main home during the preceding two years; a married buyer’s spouse must also meet that test. Qualified acquisition costs must generally be paid within 120 days of the distribution. Check eligibility, timing and prior use with a tax professional before withdrawing.

Regular Roth IRA contributions generally come out first and are not taxed or penalized. Earnings and conversions follow different rules. Qualified first-home distributions can involve a five-year rule and the $10,000 lifetime limit; other withdrawals may still be taxable or subject to additional tax.

IRS Publication 590-B: first-home exceptions and Roth ordering rules →

• What type of account and transaction is this?
• What cash will remain after withholding, fees and taxes?
• Which exception actually applies—and what evidence is required?
• How will the lender document and evaluate these funds?
• What happens if the purchase is delayed or my employment changes?
• Could assistance or another funding source meet the need without reducing retirement savings?

Have your plan administrator, tax professional and lender review the same proposed transaction. Do not move money just because someone calls it a “loophole.”

• Set a comfortable monthly budget and emergency reserve.
• Review credit reports, income, debts and savings.
• Choose education or counseling accepted by your program.
• Get the lender’s exact document checklist and compare loan offers.
• Confirm assistance eligibility, availability and compatibility.
• Document gifts, assistance and any retirement funds properly.
• Check certificate and preapproval expiration dates.

• Confirm the property fits your financing and program.
• Review taxes, insurance, utilities, maintenance and repairs.
• For condos or co-ops, have the appropriate professionals review building finances, charges, rules and approval requirements.
• For multi-family homes, verify legal units and rental-income assumptions.
• Have your attorney review price, deposit, financing and inspection conditions, deadlines and cancellation rights.
• Confirm who holds the deposit and when it can be lost or returned.

• Complete inspection and resolve relevant property issues.
• Track appraisal, title review, assistance and lender conditions.
• Keep income and bank documents current; consult the lender before new borrowing or major financial changes.
• Arrange required insurance and confirm funds for closing.
• Compare the Closing Disclosure with your Loan Estimate.
• Confirm wire instructions independently using a trusted number.
• Arrange the final walkthrough, occupancy, keys and utilities.

CFPB closing-document review →

• Keep the deed, loan, closing and assistance agreements.
• Confirm payment dates, servicer details and escrow arrangements.
• Track property taxes, insurance, repairs and building charges.
• Maintain required occupancy and comply with assistance terms.
• Ask about repayment consequences before refinancing, selling or renting out the home.
• Build maintenance savings and contact the servicer early if trouble arises.