Bronx First-Time Homebuyers Can Access Counseling and Financial Assistance Programs

For prospective homebuyers in the Bronx, the path to homeownership may be more attainable with the help of education, counseling and financial assistance programs available through Bronx Neighborhood Housing Services.

Bronx NHS, a HUD-certified nonprofit housing organization, provides first-time buyers with education and one-on-one counseling designed to help them understand the homebuying process and prepare financially for purchasing a home.

The resources are particularly significant in the Bronx, where more than 80% of residents rent their homes, according to Bronx NHS.

Through its First-Time Homebuyer Program, prospective buyers can receive guidance on credit, budgeting, affordability, mortgage options and down payment and closing-cost assistance. Housing counselors work individually with participants to evaluate their finances and develop an action plan toward becoming mortgage ready.

Qualified buyers may also be eligible for significant financial assistance.

Among the programs available is New York City's HomeFirst Down Payment Assistance Program, which can provide eligible first-time homebuyers with up to $100,000 toward a down payment or closing costs when purchasing an eligible home in one of the five boroughs.



Bronx NHS also administers additional assistance programs for eligible buyers, including programs specifically designed to support home purchases and repairs in the Bronx. Eligibility, income requirements, funding availability and other restrictions vary by program.

For REALTORS®, awareness of these programs can be an important resource when working with prospective buyers who may believe homeownership is financially out of reach. Connecting clients with certified housing counselors early in the process can help them better understand their purchasing power, improve their financial readiness and determine whether they qualify for available assistance.

Bronx NHS offers free first-time homebuyer orientations throughout the year, along with homebuyer education and individual counseling.