By Hillel Fried, Licensed Associate Real Estate Broker (NY license 10301213249), founder of The Hillel Team at Compass. Updated November 2026.
Quick answer
A first-time homebuyer, for New York City's HomeFirst program, is someone who hasn't owned a home in the past three years. The city's term sheet puts it this way: the applicant "must not have owned a home in the past three years." So if you sold a place years ago, you may still qualify.
There's no single number for New York City, and anyone who quotes you one without knowing the building is guessing. Here's what goes into it.
What you need cash for | Who decides the amount |
|---|---|
Down payment | A co-op can set its own minimum; your lender sets one too |
Contract deposit | Agreed in the contract, paid when you sign |
Closing costs | Taxes and fees; see our closing cost guide |
Cash left after closing | A co-op can set its own requirement |
Moving and move-in fees | The building, and your mover |
The best way to get a real figure is to pick two or three buildings you like and ask for their financial requirements. That one step takes most of the guesswork out.
New York City's Department of Housing Preservation and Development runs the HomeFirst Down Payment Assistance Program. In the city's words, it provides "qualified first-time homebuyers with up to $100,000 toward the down payment or closing costs." It covers a 1-4 family home, a condo or a co-op in any of the five boroughs.
To qualify, according to HPD:
The current limits, effective 1 June 2026:
Limit | |
|---|---|
Income, 1-person household | $142,560 |
Income, 2-person household | $162,840 |
Income, 4-person household | $203,520 |
Price, 1-unit home, New York County (Manhattan) | $661,000 |
Price, 1-unit home, Kings County (Brooklyn) | $732,000 |
If you're hoping to use HomeFirst, check the price limit before you set your budget, not after you find the apartment.
We've worked in New York since 2014, across 800+ transactions and $1.3 billion in sales, and we've been named the #1 Team at LGF Compass eight times. Our median sale is $780,038, and 12 of our 54 Zillow reviews come from people buying for the first time.
"Hillel patiently held our hands and guided us along. He took a tremendous amount time and effort in making sure we felt comfortable and understood the process." First-time buyer, Washington Heights, 2021 (Zillow review)
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It depends on the building and the lender: the down payment they require, closing costs, and any cash a co-op wants to see left after closing. Ask the buildings you like for their financial requirements.
Yes. The city's HomeFirst program offers qualified first-time buyers up to $100,000 toward the down payment or closing costs.
For HomeFirst, someone who hasn't owned a home in the past three years.
Up to 120% of area median income. For a one-person household that's $142,560, effective 1 June 2026.
Yes. HPD says it covers a 1-4 family home, a condo or a co-op, as long as the price is within the program's limit.
A co-op often costs less to buy but asks more of you up front. A condo is simpler to get approved for. Our condo vs co-op guide goes through it.
No law requires one, but a first purchase is where an agent on your side helps most. Our guide on whether you need a buyer's agent covers it.
Buying your first apartment? Call us before you start looking. We'll go through the money with you first, so you only look at places you can buy.