Homeownership Education
NHSNYC offers accessible, affordable, and tailored education programs and counseling services that enable low- and moderate-income individuals and families to successfully buy their home, maintain their home, and stay in their home in New York City.
Education Programs and Counseling Services
NHSNYC prepares individuals and families for the responsibilities of homeownership, empowers them to make smart decisions throughout the homebuying process, and connects them to the most affordable mortgage products, including any downpayment and/or closing cost assistance programs for which they may qualify.
Education
- 2-hour introductory informational session answering the key question: Is homeownership right for me and my family? Learn about the homeownership process and how to find and secure affordable mortgages and closing costs.
- 8- to 10-hour online version of our Homeownership Education Course that you can take at your own pace.
Note: homebuyers who want to qualify for down payment and closing cost assistance from NHSNYC can take this online course instead of attending an in-person Course but still need to complete a One-on-One Counseling session.
- 8-hour course covering information that all first-time homebuyers should know in order to make well informed decisions and become an empowered and educated consumer. Topics include credit, effective money management techniques, and the mortgage application and home buying processes. Graduates receive a Homeownership Education Certificate.
Note: homebuyers who want to qualify for down payment and closing cost assistance from NHSNYC must attend a One-on-One Counseling session and a Homeownership Education Course.
- 1.5-hour seminar focused on strengthening personal finances including how to increase savings, decrease debt, and earn a higher credit score.
Additional resources:
- 2-hour seminar for first-time homebuyers of 2-4 unit properties covering key landlord responsibilities and legal requirements from collecting rent to local and state laws. Graduates receive a Landlord Education Certificate.
Note: this course is required for homebuyers applying for a loan from NHSNYC or one of our banking partners to purchase a 2-4 unit property.
Counseling & Coaching
- Personal session with a certified Homeownership Counselor to conduct a credit and budget analysis, an affordability analysis, and to create a tailored action plan for homeownership. Counselors will help you access the most competitive quotes, compare mortgage offers, and apply for downpayment and closing cost assistance. Counselors also provide guidance on affordable refinancing and mortgage modification.
Note: homebuyers who want to qualify for down payment and closing cost assistance from NHSNYC must attend a One-on-One Counseling session and a Homeownership Education Course.
Personal session with a certified Homeownership Counselor to determine affordability, create a budget, review credit reports, and analyze mortgage default options.
Personalized coaching session with a certified financial coach to determine personal financial goals and to set an action plan to achieve those goals. Credit report cost included in coaching fee.
HPD HomeFirst Downpayment and Closing Cost Assistance Program
Many New Yorkers want to purchase a home but have difficulty saving enough money to make the down payment. NHSNYC administers the New York City Department of Housing Preservation & Development’s HomeFirst Down Payment Assistance Program which provides qualified homebuyers with up to $100,000 in down payment and closing costs assistance.
- Up to $100,000 in down payment or closing costs assistance for qualified first-time homebuyers
- Household income up to 80% Area Median Income
- Must have at least 3% of personal funds towards down payment
- Eligible properties include 1-4 family homes, condominiums and cooperatives within the five boroughs
- Subject to a 10-year owner-occupancy requirement
Note: homebuyers must meet program income requirements and must complete a Homeownership Education Seminar as well as a One-on-One Counseling session with a homeownership counselor from a HPD-approved housing agency (such as NHSNYC) to be eligible.