Depending on what type of job you have, how much money you make and the size of your family you may be eligible for various different types of funds that are available to assist you in purchasing a home in New York City.  Some of the funds are specifically for a down payment on a house whereas other are used towards closing costs but either way it is less money that you will have to pay in order to purchase your house whether you are considering moving to Staten Island, Brooklyn, Manhattan, Queens or the Bronx, New York.

Here are a few of many ways that you may be eligible for discounts when purchasing your home:

• HomeFirst Downpayment Assistance Program - This program was created for those who would like to purchase a home but do not currently have enough money saved up to put money down on a house or for closing costs.  In order to be eligible for this program you must be a first time home buyer, be purchasing a 1-4 family home, condominium or co-operative building in New York City, have some money saved to pay for the remainder of the down payment (the program provides up to 6% of the purchase price), meet the income requirements, pass a home inspection and live in the house for 10 years once it is purchased.
• NYPD Home - This program was created for New York City police officers who are interested in purchasing a home in New York City after they have successfully completed their two year probationary period.  In order to be eligible for this program the NYC police officer must have completed the two year probationary period, be able to get approved for a mortgage with a mortgage company who supports this program (currently HSBC), be able to contribute 3-5% of the purchase price in closing costs, has to be a 1 – 3 family home, co-op or condominium in Staten Island, Brooklyn, Manhattan, Queens or the Bronx and must be the officers primary home of residence (excluding vacation homes).  If approved for this program the mortgage company will finance between 95% – 100% of the purchase price and will apply up to $3,500 toward closing costs.

Aside from these two types of home purchase assistance programs there are many others out there that offer similar results especially to first time home buyers, lower to middle class income individuals and to those who desire to own a home but need help doing so.  Some programs do not require you to pay the money back whereas others do so make sure you research the assistance program or grant thoroughly.

Other ways to receive funds for purchasing a home, special mortgage rates and money for a down payment on a home or for closing costs can also sometimes be given through your place of work such as is done with the New York City police officers.  Other jobs that may provide similar benefits are federal, government, state jobs and certain unions.  So you may want to speak with your employer to find out what benefits your job offers for purchasing a home, if any.