Quantcast

The City of Schenectady introduced the First Time Home Buyer's Program, which grants eligible applicants loans to cover down payment and closing costs.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for August 4, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

City of Schenectady First Time Home Buyer’s Program

The City of Schenectady introduced the First Time Home Buyer’s Program, also called the Second Mortgage Program, to assist eligible applicants in purchasing their first home.

Available Assistance
Under the First Time Home Buyer’s Program, eligible applicants can receive down payment and closing cost assistance up to 10% of the purchase price of the property. These funds come in the form of a loan with 4% interest and a 5-year term, with 75% of the assistance to be converted into a grant if the borrower resides in the property for 5 years.

Eligibility Requirements
In order to be considered eligible for the program, applicants must be first-time homebuyers and have a mortgage commitment from a lender for at least 90% of their purchase price. Their total household income must fall within HUD guidelines for low- to moderate-income households (limits shown below).

Property Guidelines
Any property purchased with program funds must serve as the borrower’s primary residence and must be located in the boundaries of the City of Schenectady.
 
Income Limits
1-person household: $50,350
2-person household: $57,550
3-person household: $64,750
4-person household: $71,900
5-person household: $77,700
6-person household: $83,450
7-person household: $89,200
8-person household: $94,950
 
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.

First-Time Home Buyer Programs in New York

The Nassau County Office of Housing and Community Development's First-time Homebuyer Downpayment Assistance Program helps make the mortgage process more affordable for eligible applicants.

The City of Schenectady introduced the First Time Home Buyer's Program, which grants eligible applicants loans to cover down payment and closing costs.

spacer

First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

spacer

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED