To purchase a home in New York City without Social Security Benefits, prioritize alternative income verification, leverage first-time homebuyer programs, and secure co-borrowers or co-signers. Key steps include: 1) Document consistent income through W-2s, freelance contracts, or rental income. 2) Save for a down payment (typically 20% for conventional loans or 3.5% for FHA loans). 3) Check credit scores (FICO 580+ for FHA eligibility). 4) Explore NYC-specific programs like CityFirst or HomeFirst, which offer grants or low-interest loans. 5) Consider co-borrowers with strong credit to meet lending requirements. 6) Use private lenders or community housing organizations for flexible terms.

NYC’s median home price exceeds $1.1 million, making down payments a significant barrier. Without Social Security, buyers must rely on alternative income sources, which lenders may view as riskier. The Federal Housing Administration (FHA) permits 3.5% down payments with proof of stable income, catering to non-traditional earners. NYC’s HomeFirst program requires only 1% down for first-time buyers, with 15-year fixed-rate loans. Data from the NYC Department of Housing Preservation and Development (HPD) shows 40% of applicants in 2022 cited income verification as their top challenge. Co-borrowers mitigate this by boosting credit scores and debt-to-income ratios. For example, a co-signer with a 750+ FICO score can qualify for loans a solo applicant might not. The Federal Reserve reports 30% of NYC residents cannot afford a 20% down payment without Social Security, underscoring the need for alternative strategies. Combining these methods increases accessibility while aligning with lenders’ risk thresholds.