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Home Acquisition Program (HAP)
Financial Assistance for Homebuyers in New York
Available Assistance
Funding for the program comes from HOME Investment Partnership ACT Program (HOME). Funds can be put toward the down payment and closing costs of the home, but may not be used for property improvements in excess of code compliance requirements, room additions other than bedrooms, taxes, water bills, and homeowners insurance.
Eligibility Requirements
Applicants must be first-time homebuyers and must reside in the property purchased for the life of the HAP mortgage. In the event of resale or non-occupancy, repayment is required. Homebuyers with assets totaling more than $40,000 are not eligible to participate in this program. Assets include savings, checking accounts, certificate of deposits, IRA, 401(K), stocks, bonds, etc.
Income Limits
Eligible applicants must have an annual household income under 80 percent of the median within six months of delivery of services, otherwise, it must be updated.
1 person household: $46,550
2 person household: $53,200
3 person household: $59,850
4 person household: $66,500
5 person household: $71,850
6 person household: $77,150
7 person household: $82,500
8 person household: $87,800
(Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information)
Property Guidelines
The property must fall within the following purchase price limits:
- One-family unit: $178,600
- Two-family unit: $228,647
- Three-family unit : $276,380
- Four-family unit: $343,473
Down Payment Grants in New York
ACRHA Acquisition/Rehabilitation Grant
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.
First Home Club Matched Savings Program
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.
First Time Home Buyer’s Program
This program is in the form of a second mortgage and provides eligible applicants with a loan of up to 10 percent of the purchase price of the property in order to meet the down payment requirements. The loan has an interest rate of 4 percent with a 5-year term.
Home Acquisition Program (HAP)
The City of Albany offers to its residents the Home Acquisition Program (HAP). It provides financial assistance to low income households with low annual incomes. Funds can be put towards the down payment and closing costs of the home for a first-time homebuyer who resides in the property being purchased.
Homebuyer Incentive Program (HIP)
The Homebuyer Incentive Program (HIP) grants assistance of $15,000 and $20,000 to income- eligible applicants, in order to promote homeownership in Troy for low income homebuyers. Troy Rehabilitation and Improvement Program requires that all applicants must be first time homebuyers.
Housing Opportunities Foundation Individual Grant Program
New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers the opportunity to receive a grant, which is designed to assist with closing costs and/or down payments. The Housing Opportunities Foundation Individual Grant Program is in the form of a gift . Repayment is not required.
Rensselaer County Homebuyer Program
The Troy Rehabilitation and Improvement Program’s HomeOwnership Center administers funds for the City of Troy's Homebuyer Incentive Program and Rensselaer County's Homebuyer Program in the form of down payment and/or closing cost assistance.
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FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
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