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First Time Homebuyer Assistance

There is still no way to buy a house with "no money" out of pocket but we can help with some of it!
What costs should you expect?
Our Pre-Purchase Program will teach you all about it, and everything else you might not expect about buying a home!

City of Troy's 'Homebuyer Incentive' Program (HIP): Equal Housing Opp

As of February 2012, TRIP's Home Ownership Center administers these federal funds available to income-eligible first-time homebuyers through the City of Troy for downpayment and/or closing cost assistance in the amounts of $15,000 & $20,000.

This program helps to promote homeownership in Troy for low-income homebuyers. Eligible applicants must have an annual household income at the time of application under 80% of the area’s median income shown below.

  • Applicants must be a first time homebuyer, per HUD's definition(See below).
  • Applicants must be at or under 80% of the area’s median income as shown below.
  • Applicants must show a minimum of $1,500 in savings at the time of application.
  • Applicants cannot have a purchase contract on a home at the time of application.
  • Applicants must have completed Pre-Purchase Program before applying for downpayment assistance.
  • Applicants must be willing to sign 10 year grant enforcement lien.
  • Property to be purchased must be 1 or 2 units & owner occupied.
  • Property's purchase price must not exceed 95% of the median purchase price for the Capital Region as defined by HUD (see below).
  • Property to be purchased will be inspected for Code Compliance & Lead Based Paint Hazards.
  • Property to be purchased must be in the City of Troy.

To increase the amount of closing cost/downpayment assistance, potential homebuyers may also wish to participate in one of our Matched Savings Programs.

The first step is to attend a Homebuyer Orientation Session - Please view our Calendar of Events for information on upcoming dates.

*Rensselaer County Homebuyer Program (Small Cities):

*Our program contract with Rensselaer County ends December 2013. We are no longer able to accept applications as of 10/18/2013.

TRIP's Home Ownership Center administers these federal funds available to income-eligible first-time homebuyers through Rensselaer County Housing Resources & Rensselaer County for downpayment and/or closing cost assistance in the amounts of $15,000 & $20,000.

  • Applicants must be a first time homebuyer, per HUD's definition (See below).
  • Applicants must be at or under 80% of the area’s median income as shown below.
  • Applicants must show a minimum of $1,500 in savings at the time of application.
  • Applicants must have completed Pre-Purchase Program before applying for downpayment assistance.
  • Applicants must be willing to sign 10 year grant enforcement lien.
  • Property to be purchased must be 1, 2, 3, or 4 units & owner occupied.
  • Property's purchase price must not exceed 95% of the median purchase price for the Capital Region as defined by HUD (see below).
  • Property to be purchased must meet Housing Quality Standards.
  • Property to be purchased must be in Rensselaer County, but outside the City of Troy. Click here for a map of Rensselaer County.

To increase the amount of closing cost/downpayment assistance, potential homebuyers may also wish to participate in one of our Matched Saving Programs!

                                               

The first step is to attend a Homebuyer Orientation Session - Please view our Calendar of Events for information on upcoming dates.

 

Other Programs In the Capital District:

State of New York Mortgage Agency (SONYMA)

SONYMA has programs for first time homebuyers purchasing in New York State.

Homebuyers who use a SONYMA loan to purchase their first home can take advantage of their Down Payment Assistance Loan (DPAL). DPAL offers funds to cover 3% of the home purchase price or $3,000 (whicher is higher, up to a maximum of $15,000).

TRIP's Homebuyer Program can be used to meet Homebuyer Education Criteria.

Click here for more information.

Albany County Rural Housing Alliance (ACRHA)

ACRHA has programs for first time homebuyers purchasing in Albany County.

TRIP's Homebuyer Program can be used to meet Homebuyer Education Criteria.

Homes purchased in the more rural areas of Albany County take precedence over homes purchased in more Urban Areas.  Click here for more information.

Affordable Housing Partnership (AHP)

AHP has programs for first time homebuyers purchasing in Albany.

TRIP's Homebuyer Program can be used to meet Homebuyer Education Criteria.

Click here for more information.

Town of Colonie Down Payment Program

The Town of Colonie provides $25,000 for down payment and closing costs for the purchase of a single family home within the town.

TRIP's Homebuyer Program can be used to meet Homebuyer Education Criteria.

Contact the Colonie Community Development office at (518) 783-2718 or Click here for more information.

New York State OPWDD "Home of Your Own" Down-Payment Assistance:

For persons with developmental disabilities.

When funded, NYS Office for People with Developmental Disabilities (OPWDD) offers many housing initiatives. Funds can be used for down payment, closing costs or to reduce the bank mortgage of a single family home. Eligible households must be a first time homebuyer and include a person who is developmentally disabled.
A "Home of Your Own" SONYMA mortgage product is also available. Eligibility for the mortgage program has recently be expanded.
Contact NYS-OPWDD, (518) 473-1973 or Click here for More Information about availability of funds & OPWDD's Programs.

 

Community Preservation Corp- Financing for Investment Property:
Community Preservation Corporation offers loans up to $500,000 for acquisition and rehabilitation of investment properties. There are no income limits on participants. The program features 30 year fixed rate permanent loans, one loan closing with escrow for rehabilitation, and reduced fees for third party reports.

For program availability call ( 518) 463-1776 or visit http://www.communityp.com/

 

 


HUD 80% Area Median Income

 Household Size

 80% of Median Gross Income*

1

$43,550

2

$49,750

3

$55,950

4

$62,150

5

$67,150

6

$72,100

*Income Limits Were Updated December 11, 2012

Purchase Limits – Existing Homes

 

Purchase Limits – New Construction Homes

1-Unit

2-Unit

3-Unit

4-Unit

 

1-Unit

2-Unit

3-Unit

4-Unit

$169,000

$216,000

$262,000

$325,000

 

$201,000

$257,000

$311,000

$385,000

*Purchase Price Limits Were Updated August 23, 2013

**HUD's Definition of First Time Homebuyer:

• You are purchasing a home for the first time.
• You previously owned a home, but have not owned property for the past three years.
• You owned a home with a spouse, but have since separated from your spouse and will purchase another home for the first time on your own.

 

Copyright 2007 Troy Rehabilitation & Improvement Program (TRIP) Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without authorization.

Troy Rehabilitation & Improvement Program (TRIP), Inc.

Main Office & Rental Office: 415 River Street, 3rd Floor Troy, NY 12180 | Phone: 518 272-8289 | Fax: 518 272-1950

HomeOwnership Center: 415 River Street, 2nd Floor Troy, NY 12180 | Phone: 518 690-0020 | Fax: 518 690-0025

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