Down Payment and Closing Costs Assistance

Do you need help to purchase a home?

In Rensselaer County Outside the City of Troy:

Rensselaer County Small Cities Grant:

TRIP’s Home Ownership Center offer grants to income-eligible first-time homebuyers through Rensselaer County Housing Resources for downpayment and/or closing cost assistance.*Please Note:  RCHR is currently a maintaining a short waiting list for the current Small Cities Program.

• 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 Education Program before applying for downpayment assistance.
• Applicants must be willing to sign 15 year grant enforcement lien.
• 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.

RCHR HOME Grant:

TRIP’s Home Ownership Center offer grants to income-eligible first-time homebuyers through Rensselaer County Housing Resources for downpayment and/or closing cost assistance.  *Please Note:  RCHR is currently a maintaining a waiting list for new HOME funds from New York State.

• 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 Education Program before applying for downpayment assistance.
• Applicants must be willing to sign 10 year grant enforcement.
• 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.

In the City of Troy:

Troy's Homebuyer Incentive Program(HIP):

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.

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

If you have any questions regarding this program and for information on how to obtain an application, please contact the City of Troy Planning Department at (518) 270-4476.

Visit the City of Troy’s website for more information.

HSBC's Shop Capital Program:

• View Shop Capital Flyer

This program can provide up to $3,500 closing cost assistance or .75% interest
rate discount.  Additional grants for downpayment and/or closing cost assistance may be available for income qualified customers.
Freddie Mac Affordable Merit Rate Mortgage available for borrowers with less-than-perfect credit. After 24 on-time mortgage payments, the customer is eligible for a 1% interest rate reduction.

Requirements:
Income limits may apply based on purchse area. View SHOP Capital - Map of Troy.

For more information on SHOP Capital visit HSBC's website.

CPC's - Take Stock In Your Block Program:
Community Preservation Corporation offers loans up to $500,000 for acquisition and rehabilitation of investment properties located in South Troy and purchased by South Troy residents.There are no income limits on participants. The program features supplemental 0% financing, 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/

In the Capital District:

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

For persons with developmental disabilities.

Grants of up to $15,000. 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. The household must be able to finance the balance of the purchase price not covered by the grant or gifts from family members.
Income must be at or below 51% of median income.
Available in the following counties: Putnam, Dutchess, Saratoga, Fulton, Montgomery, Schenectady, Schoharie, Albany, Rensselaer, Greene, Columbia, Clinton, Essex, Warren, Ulster, Orange and Sullivan.
Contact NYS-OMRDD, Ed Kuta, (518) 473-1973
A "Home of Your Own" SONYMA mortgage product is also available. Eligibility for the mortgage program has recently be expanded. 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.

*Income Limits Were Updated May 2010