Homefirst program- do you need to already live in city limits? (New York: apartments, lease)

[snitchcharm]

Hello! I have been reading up on the Homefirst down payment assistance program in the hopes of using it to buy a co-op in the next couple years. I have a qualifying income and savings, have attended an orientation and plan to take the required homebuying class when it's offered.

However, it looks to be a lengthy process and in the meantime, my current lease is up and I need to find another rental. I live in Queens now, but have been looking for new apartments all over--including lower Westchester (Yonkers, Mt Vernon, New Rochelle, etc.)

My question is--if I end up moving somewhere outside the 5 boroughs, will that disqualify me from using the HomeFirst program when it comes time? It doesn't say either way on the HPD website, but I wanted to be sure as I consider apartments. Any advice would be very much appreciated!

[ShayLove]

For the HPD Home Buyers Program , yes you need to purchase within the 5 boroughs:



Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City

However NYS does offer similar programs for other regions: https://hcr.ny.gov/homebuyers

So does HSBC has a program: https://www.us.hsbc.com/home-loans/affordable/

[snitchcharm]

Originally Posted by ShayLove

For the HPD Home Buyers Program , yes you need to purchase within the 5 boroughs:

Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City

However NYS does offer similar programs for other regions: https://hcr.ny.gov/homebuyers

So does HSBC has a program: https://www.us.hsbc.com/home-loans/affordable/

Thank you! I should have clarified--yes, I know you can only buy in the city. I was wondering if you can do so if at the time of purchase you live in, say, Jersey or Westchester (and move to the boroughs after).

[ShayLove]

I believe you have to be a NYC resident. However you can check with the program's Counseling Agencies for the eligibility requirements.

[speediestevie]

Originally Posted by ShayLove

I believe you have to be a NYC resident. However you can check with the program's Counseling Agencies for the eligibility requirements.

You don't need to be NYC resident, but you do need to meet certain income requirements (80% AMI), be the first time home buyer within NYC. It shouldn't matter where an applicant resides now.

https://www1.nyc.gov/site/hpd/servic...e-program.page