City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP)

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) is a forgivable loan for homebuyers in New Rochelle, New York, administered by City of New Rochelle Department of Development, Office of Housing (operated by Westchester Residential Opportunities, Inc.). The City of New Rochelle DPAP provides eligible first-time, low- and moderate-income homebuyers a zero-interest deferred loan, forgiven after 5 years, of up to 19% (not to exceed $125,590) of the purchase price of a single-family home in New Rochelle, applied toward the down payment. Funded by HUD's HOME Program and the City's Affordable Housing Fund. Expanded to include New Rochelle workers and former residents in addition to current residents. Does not fund closing costs. Zero-interest deferred loan up to 19% of purchase price (max $125,590) toward down payment; forgiven after 5 years. Funding comes from HUD HOME Program; City of New Rochelle Affordable Housing Fund.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) offers up to $125,590 in assistance. Homebuyer contribution: At least 1% of purchase price from applicant's own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of New Rochelle Department of Development, Office of Housing (operated by Westchester Residential Opportunities, Inc.) determines any individual award.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, lease/rent, deed/convey, or loss of owner-occupancy within 5 years; recapture declines 20%/year; $5,000 default fee if occupancy ceases. The assistance is recorded in subordinate position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time = no homeownership in prior 3 years; requirement waived for U.S. military veterans with a DD-214 verifying honorable service. A homebuyer education course is required, through HUD-certified not-for-profit mortgage counseling agencies (one-on-one mortgage counseling required). Residency requirement: Current New Rochelle resident (12+ months), New Rochelle worker/business owner, or former resident (2+ years); home must be in New Rochelle. Applicant must contribute at least 1% of purchase price from own funds; minimum annual household income of $40,000. Underwriting ratios: front-end DTI 38%, back-end DTI 45%, LTV 80%. No short sales/foreclosures/bank-owned; no ARMs/interest-only/no-doc/80-20/100% financing; no non-occupying co-borrowers; cannot displace an existing tenant. Property must pass inspection and lead-based-paint visual inspection (pre-1978).

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) limits household income to 80% of the area median income, which varies by county and household size. 80% AMI (Westchester, June 1, 2026): 1=$88,100; 2=$100,700; 3=$113,300; 4=$125,850; 5=$135,950; 6=$146,000. Minimum income $40,000 all sizes. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) caps the purchase price at $661,000. Eligible property types include single_family, condo, and cooperative. New construction is eligible.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) names veterans among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) serves homebuyers purchasing in New Rochelle, New York.

Applications for City of New Rochelle First-Time Home Buyer Down Payment Assistance Program (DPAP) go through City of New Rochelle Department of Development, Office of Housing (operated by Westchester Residential Opportunities, Inc.), which publishes the current terms and the application steps on its own site. Funds are reserved through Purchaser Certificate; 90 days to executed contract (300 days for new construction); first-come, first-served waiting list. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.