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.