Your first home in Yonkers
Buying your first home can feel big. It is a plan, one step at a time. I moved my family to Yonkers on Halloween 2020 and planned every step. I help buyers do the same.
On October 19, 2026, the City of Yonkers announced a First Time Homebuyer Down Payment Assistance Program, run with Westchester Residential Opportunities (WRO), a HUD approved housing counseling agency. This guide explains it in plain words.
The program, in plain words
- Up to 19% of the purchase price toward your down payment. The exact amount is set in underwriting and depends on available funding.
- 0% interest and no monthly payments. It is a deferred loan secured by a subordinate mortgage, which means a second lien behind your main mortgage.
- Forgiven after 5 years if you meet the program rules and keep the home as your primary residence. Selling, transferring or falling out of compliance in that time may mean paying it back.
- Eligible homes: single family homes, condos and co-ops in Yonkers.
- Not covered: closing costs, and extra co-op purchase costs. Plan for those separately.
What it can look like on a $500,000 home
| Example | Amount |
|---|---|
| Purchase price | $500,000 |
| City assistance (up to 19%) | Up to $95,000 |
| Your own funds (at least 1%) | At least $5,000 |
| Mortgage needed if you get the full 19% | $400,000 |
| Monthly principal and interest at 7.18% for 30 years | About $2,710 |
Example only, not a loan offer. 7.18% is Freddie Mac's national average for November 5, 2026. Your rate, taxes, insurance and any HOA or co-op fees will change the real payment. The $500,000 example is the one the City used when it announced the program.
Do you qualify? Check these 5 things
- You are a first time homebuyer.
- Your income fits. Gross household income at or below 120% of area median income (table below).
- You have a Yonkers connection. You have lived in Yonkers at least 12 months, or a parent is a qualifying Yonkers resident, or you own and run a business principally operated in Yonkers.
- You qualify for a mortgage and put at least 1% of the price from your own funds toward the down payment.
- You complete HUD approved homebuyer education and counseling. An information session does not count as counseling.
| Household | Income limit | Household | Income limit | Household | Income limit |
|---|---|---|---|---|---|
| 1 person | $142,450 | 3 people | $183,150 | 5 people | $219,800 |
| 2 people | $162,800 | 4 people | $203,550 | 6 people | $236,100 |
The steps, in order
Information sessions
As of November 8, 2026, the in person sessions on November 9 and November 16 at Grinton I. Will Library and the November 12 online English session are full. The next open session is:
English 1:00 to 2:00 p.m. Spanish 2:15 to 3:15 p.m. Register at OwnInYonkers.com.
The City may add dates, so check OwnInYonkers.com for the latest. If you share this program, send people to the newest open date so nobody hits a closed door.
The Yonkers market right now
In September 2026 the Yonkers median sale price was $649,691, up 8.8% from a year earlier, and homes went under contract in a median of 36 days (Redfin Data Center). Over the last 3 months, 46.7% of homes sold above list. Good homes move fast, so have your preapproval and program approval ready before you shop. Mortgage rates have eased for 3 weeks in a row, to a 7.18% average on November 5 (Freddie Mac).
What I would do this week if I were buying in Yonkers
- Register for the next open information session at OwnInYonkers.com while spots are open.
- Get preapproved or refresh my preapproval, and look at the full monthly payment, not just the rate.
- Start the HUD approved counseling early. It takes time, and I need it before approval.
- Pull together pay stubs, tax returns and bank statements so the application moves fast.
- Wait to sign anything until the program approval is in hand.
Save this guide and share it with someone who grew up here and wants to stay here.
Want help with every step?
Call or text me at (917) 243-1531, or send me a message here. I will walk you through the program and the homes that fit it.
Sources
- City of Yonkers First Time Homebuyer Program site, OwnInYonkers.com, checked November 8, 2026: up to 19%, 0% interest deferred loan secured by a subordinate mortgage, forgiven after 5 years, income limits, Yonkers connection test, 1% own funds, closing costs not covered, approval before contract valid 90 days, session dates.
- City of Yonkers announcement, October 19, 2026, with Westchester Residential Opportunities; $500,000 home example (reported by The Yonkers Post and HGAR).
- Freddie Mac Primary Mortgage Market Survey, November 5, 2026: 30 year fixed 7.18%, down from 7.24%.
- Redfin Data Center, Yonkers housing market, September 2026: median sale price $649,691 (up 8.8% year over year), 36 median days on market, 46.7% sold above list (last 3 months).
- Payment example calculated on a $400,000, 30 year fixed loan at 7.18%: principal and interest only.
Program terms can change and depend on funding. Confirm details at OwnInYonkers.com. Educational information only, not legal, tax or lending advice.