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.

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First Time Home Buyer’s Program

Financial Assistance for Homebuyers in New York

The City of Schenectady offers residents assistance in the home buying process with the First Time Home Buyer’s Program. The 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. If the homebuyer resides in the home for 5 years, 75 percent of the assistance will be converted into a grant.

Eligibility Requirements
Applicants must have a mortgage commitment from a lender for at least 90 percent of their purchase price. They'll also need need assistance to obtain all or part of the required down payment and/or closing costs to purchase the property. To be eligible, they are required to be first time home purchaser.

The total household income must be within the published HUD income guidelines for low to moderate income households:
  • 1 person: $46,550
  • 2 persons: $53,200
  • 3 persons: $59,850
  • 4 persons: $66,500
  • 5 persons: $71,850
  • 6 persons: $77,150
  • 7 persons: $82,500
  • 8 persons: $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)

Additional Requirements
  • The household must agree to live in the property as the household's principal place of residence until the Corporation's mortgage has been satisfied.
  • The property to be purchased must be located within the boundaries of the City of Schenectady.
  • A range of 1, 2, or 3 unit residential properties are eligible. Houses must be in standard condition and able to pass a Certificate of Occupancy inspection and Lead Based Paint Clearance.

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.

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.

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.

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.

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.

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.