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At BCNA, we can help you become a first-time home – or apartment – buyer through saving programs which provide financial incentives, advice on saving money for a down payment and closing costs, and seminars about the mortgage process and the benefits & responsibilities of home ownership.

Saving for a First Home

If you are a low to moderate-income New Yorker, we can help you qualify for one of these government-sponsored savings programs:

  • The HomeFirst Down Payment Assistance Program, which provides a grant up to 6% of a home’s purchase price (or $40,000, whichever is greater) to be used towards down payment and closing costs.
  • The First Home Club Matched Savings Program, which provides incentives for home buyers to open and fund a first home savings account. Qualified individuals can receive $4 for every $1 saved, with a maximum grant of $7,500.
  • The Individual Development Account (IDA) for refugees, which matches every dollar saved (up to $2,000 per individual or $4,000 for a family) to encourage creating and contributing to a savings account for the purchase a home.

Understanding Home Ownership

BCNA’s home ownership seminars will help you understand the home purchasing process and what is involved in home ownership. The seminars are offered four times a year and fulfill the education requirement for both the HomeFirst Down Payment Assistance Program and the First Home Club Matched Savings Program, including:

  • Understanding mortgages and the mortgage application process
  • Special down payment assistance programs
  • Benefits and responsibilities of home ownership
  • The home inspection process
Proud-homeowners-close up

For more information, contact:

Francess Smith, Manager of IDA Program
fsmith@nybcna.org
212-898-7850