NYC HomeFirst can provide up to $100,000 toward your down payment. SONYMA offers below-market rates with 3% down. VA loans require no down payment at all. Here is every program available to Queens buyers in 2026 — and what sellers should know.
Down payment and closing cost assistance for eligible first-time buyers in New York City
NYC HomeFirst is administered by the NYC Department of Housing Preservation and Development (HPD). The assistance is provided as a forgivable loan — if you remain in the home as your primary residence for 10 years, the balance is forgiven entirely. No monthly payments on the HomeFirst portion.
Income limits (2026 approximate): 1-person household ≈ $79,500 / 2-person ≈ $90,900 / 4-person ≈ $113,600 / 6-person ≈ $134,600. Verify current limits at nyc.gov/homefirst.
The State of New York Mortgage Agency's flagship first-time buyer program. Offers fixed-rate mortgages at rates typically below conventional market rates, with a minimum 3% down payment. Income and purchase price limits apply. Queens homes generally qualify.
Also available: SONYMA Construction Incentive for buyers financing new construction. SONYMA Homes for Veterans for qualifying military buyers. Learn more at hcr.ny.gov/sonyma.
NYC Housing Connect is an affordable homeownership lottery for co-ops and condos priced below market rate. Units are offered to income-qualified applicants selected by lottery. Not a down payment grant — this is a chance to purchase a NYC home at a discounted price.
Apply at housingconnect.nyc.gov. Queens regularly has new developments available. Apply to every listing you qualify for — acceptance is by random lottery, so volume matters.
FHA-insured mortgages allow first-time buyers (and others) to purchase with as little as 3.5% down and a minimum credit score of 580. Mortgage insurance premiums (MIP) are required. FHA has a loan limit — for Queens (NYC) in 2026, the 1-family FHA limit is approximately $1,149,825.
FHA loans are frequently combined with NYC HomeFirst assistance for Queens buyers who need to maximize their purchasing power. Many Queens sellers specifically welcome FHA buyers because it indicates a pre-qualified buyer with institutional backing.
Available to veterans, active duty military, and surviving spouses. VA loans require no down payment, no private mortgage insurance, and often offer competitive rates. Eligible buyers can finance 1–4 unit properties if they owner-occupy one unit.
Queens has a significant veteran population. VA buyers are strong buyers — no down payment means their cash goes toward reserves and closing costs. We're experienced working with VA buyers and sellers who welcome VA financing.
This is not a down payment program — it's a closing cost savings tool unique to New York. If the buyer has an existing NY mortgage that can be assigned to the new property, a CEMA allows them to pay mortgage recording tax only on the new money borrowed, not the full loan amount. On a $700,000 Queens purchase, this can save $7,350–$13,475.
CEMA requires coordination between buyer's lender, seller's lender, and both attorneys. Not all transactions qualify. Ask your lender about CEMA eligibility early in the process.
Teachers, firefighters, law enforcement officers, and EMTs/paramedics can purchase eligible HUD-owned homes at a 50% discount from list price — in designated revitalization areas. The buyer must commit to living in the property as their primary residence for 36 months.
Available in eligible areas of Queens when HUD-owned properties are listed. Properties and eligible areas change. Check current listings at hudgoodneighbor.com.
New York State Energy Research and Development Authority (NYSERDA) offers below-market financing for energy efficiency improvements. For buyers purchasing older Queens homes — and Queens has many pre-1960 homes — NYSERDA financing can fund insulation, heating systems, windows, and other efficiency upgrades at favorable rates.
Not a purchase program directly, but can be combined with a purchase to address deferred maintenance in an older home and reduce ongoing utility costs. Learn more at nyserda.ny.gov.
USDA loans are not available for NYC proper (Queens is part of NYC). However, buyers open to purchasing in Nassau or Suffolk Counties (Long Island) may find USDA-eligible areas, particularly in eastern Nassau and much of Suffolk. Zero down payment with income and geographic restrictions.
If you're a Queens renter considering Long Island, USDA is worth exploring. We sell in both Queens and Long Island — call us to discuss your options.
When first-time buyer assistance programs are active and funded, more buyers can qualify for your home. Here's how it affects your sale.
HomeFirst and SONYMA turn renters into buyers. Buyers who couldn't otherwise afford a Queens home become qualified purchasers. More qualified buyers means more offers, which means more negotiating leverage for you as a seller.
First-time buyers who complete the required homebuyer education course and navigate the program approval process are serious, vetted buyers — not casual window shoppers. They're unlikely to back out without cause.
We actively market properties to buyer's agents whose clients use HomeFirst, SONYMA, and VA financing. This ensures your property reaches buyers who are specifically funded and ready to move forward — not just browsing Zillow.
HUD-approved housing counseling is required for HomeFirst. These Queens-area agencies provide it free of charge — and can help regardless of which program you're using.
HUD-approved homebuyer counseling serving Queens residents. Covers the 8-hour homebuyer
education required for HomeFirst and other programs. In-person and virtual sessions available.
queenscommunityhouse.org
Free homeownership counseling and assistance for New York City residents.
Multilingual staff. Can help navigate HomeFirst applications, SONYMA, and other programs.
cnycn.org
Serves southeast Queens. Free homebuyer education classes, one-on-one counseling,
and assistance with down payment program applications. Bilingual services available.
nhsnyc.org
Jackson Heights-based community development organization focused on South Asian homebuyers in Queens.
Bilingual counseling in Hindi, Urdu, Bengali, Punjabi, and other languages.
Specializes in navigating first-time buyer programs for immigrant families.
chhayacdc.org
We'll connect you with the right programs and the right lenders — and find you the right home. Free consultation, no obligation.
Nitin will call you within 2 hours during business hours. Your information is never shared.