The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

FHA Mortgage Loan Rates

August 19, 2017
FHA Rates for August 19, 2017
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

ACRHA Acquisition/Rehabilitation Grant

Financial Assistance for Homebuyers in New York

The Albany County Rural Housing Alliance Acquisition (ACRHA) offers residents the opportunity to qualify for the ACRHA Acquisition/Rehabilitation Grant. The grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs. The amount of assistance granted is determined on a case-by-case basis.

Eligibility requirements:
  • Only first-time homebuyers are eligible under the program.
  • Applicants must complete an approved homeownership education course.
  • All applicants’ gross income must fall within the HUD’s income limits, based on household size.
  • Applicants must meet asset limits.
  • The applicants must be "mortgage ready." They must payfor a credit report, or begin a credit repair program if necessary. And, they must pre-qualify for a mortgage with a fixed and fair interest rate.
  • Applicants must contribute at least $1,500 of personal funds toward the home purchase.
  • Applicants must sign a Note for up to 10 years.
  • Applicants must provide signed purchase offer after approval.
There are also some restrictions on the property being purchased:
  • Existing single or two family, residential home in the stated target area.
  • Mobile homes are not eligible, however applicants currently residing in a mobile home wishing to purchase a stick built home will be given priority.
  • The property must be in need of moderate rehabilitation.
  • The home must be inspected by an NYS licensed home inspector.
  • Meet appraisal criteria of the mortgage lender.

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.