Do you need help to purchase a home?
Please be aware that most programs' funds cannot be used for costs incurred prior to closing!
What costs will you incur before closing?
Our Pre-Purchase Program will teach you all about it, and everything else you might not expect about buying a home!
In Rensselaer County Outside the City of Troy:
Rensselaer County Small Cities Program:
The 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.
*Please Note: Funding is approx 90% exhausted and we are maintaining a waiting list for the Small Cities Program.
We have re-applied for additional funds for 2012, but award announcements have not yet been announced.
- 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 15 year grant enforcement lien.
- Property to be purchased must be 1, 2, 3, or 4 units & owner occupied.
- Property to be purchased must meet Housing Quality Standards.
- Property to be purchased must be in Rensselaer County, 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.
In the City of Troy:
Troy's 'Home 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 Department of Housing & Community Development at (518) 279-7149.
A complete HIP application requires completion of Pre-Purchase Program.
Visit the City of Troy’s website for more information.
HSBC's Shop Capital Program:
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.
For more information on SHOP Capital visit HSBC's website.
Requirements:
Income limits may apply based on purchse area. View SHOP Capital - Map of Troy.
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/
In the Capital District:
New York State OPWDD "Home of Your Own" Down-Payment Assistance:
For persons with developmental disabilities.
NYS Office for People with Developmental Disabilities (OPWDD) offers many housing initiatives. They offer a HOME grant 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.
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.
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.
HUD 80% Area Median Income |
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Household Size |
80% of Median Gross Income* |
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2 |
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3 |
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4 |
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5 |
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6 |
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*Income Limits Were Updated May 31, 2011
**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.