Homebuyer Downpayment Assistance

First-Time Homebuyer Assistance

There is still no way to buy a house with “no money” out of pocket but there is help for some of it!

2.2-TroyNY

City of Troy’s Homebuyer Incentive Program (HIP):

TRIP’s HomeOwnership Center administers federal HOME funds for the City of Troy available to income-eligible first-time homebuyers 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 taxable income at the time of application (and purchase) under 80% of the HUD area 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 HUD area median income as shown below.
  • Applicants must show a minimum of $1,500 in savings untouched for 3 consecutive months, at the time of application.
  • Applicants cannot have a purchase contract on a home at the time of application.
  • Applicants must be willing to sign 10 year grant enforcement.
  • 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.
  • 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.
  • Applicants must have completed Pre-Purchase Program before applying for downpayment assistance.

Interested in Applying?
*THIS PROGRAM CURRENTLY HAS A WAITING LIST*
Get started by attending one of our upcoming Homebuyer Orientations.
Program Contact: Programs Administrator

 

Rensselaer County Homebuyer Program (Small Cities):

TRIP’s HomeOwnership Center administers these federal funds available to income-eligible first-time 2.2-RensselaerCountyhomebuyers 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 HUD area median income as shown below.
  • Applicants must show a minimum of $1,500 in savings untouched for 3 consecutive months, at the time of application.
  • Applicants must be willing to sign 10 year grant enforcement lien.
  • Property to be purchased must be a single family dwelling & 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.
  • Applicants must have completed Pre-Purchase Program before applying for downpayment assistance.

Interested in Applying?
Get started by attending one of our upcoming Homebuyer Orientations.
Program Contact: Programs Administrator


Matched Savings Program: First Home Club

2.2-FHLBNY

Get matched $4 for every $1 saved, up to a $7,500 match!

HOW?  Make a plan to save money every month for a minimum of 10 months up to a maximum of 18 months.  Matched funds up to a maximum of $7,500 are used to assist with downpayment and closing costs. The goal of this program is help you establish a savings pattern.

Applicants must complete the program registration form and submit to TRIP to determine eligibility prior and receive approval from bank/credit union before opening a new savings account.

To be eligible:

  • Applicant must be a first time homebuyer, per HUD’s definition (See below).
  • Must not have any open collection accounts at the time of enrollment.
  • Applicant must have full time employment for at least 2 years prior to enrollment.
  • Applicant with college enrolled household members are only allowed if:
    • The individual is a dependent within the Household.
    • Demonstrate two years consistent reliable stream of income from full time employment while enrolled as a matriculated student (i.e. continuing education).
  • Household Annual Gross Income must be less than 80% of the NYS Mortgage Revenue Bonds Median Income, as follows:
    • $66,160 if you are a 1 or 2 person household
    • $76,084 if you are a household of 3 or more people
  • Choose from 1 of the 9 participating lenders to open a savings account & obtain a mortgage:
    • First Niagara Bank
    • M&T Bank
    • Pioneer Savings
    • SEFCU
    • Sunmark FCU
    • Capital Communications FCU
    • Capital Bank
    • NBT Bank
    • Saratoga National Bank
  • Purchase an eligible property type: 1-4 family home, Condominium, Cooperative, Manufactured home permanently affixed to a foundation.

Interested in Applying?  
Get started by attending one of our upcoming Homebuyer Orientations.
Program Contact: Nicole Casale, Home Ownership Advisor

Down Payment Help Around the Capital Region: 

State of New York Mortgage Agency (SONYMA)
SONYMA has loan 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 Downpayment Assistance Loan (DPAL). DPAL offers funds to cover 3% of the home purchase price or $3,000 (whichever 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.
Contact ACRHA for more information. Check availability.


Buyer’s Choice Program in the City of Albany
Receive up to $30,000 in down-payment assistance and necessary repairs to buy a home anywhere in the City of Albany. This program is available through the Affordable Housing Partnership (AHP) and the Albany Community Land Trust.
Contact AHP or ACLT for more information. Check availability.


City of Albany Home Acquisition Program (HAP)
The Albany Community Development Agency provides up to $14,900 in deferred loans to acquire and repair 1-4 unit owner-occupied homes throughout the City of Albany.

Contact the City of Albany for more information. Check availability.


Town of Colonie Downpayment Program
Depending on funding availability, the Town of Colonie provides downpayment and closing costs for the purchase of a single family home within the town.

TRIP’s Homebuyer Program can be used to meet the Homebuyer Education Criteria.
Contact the Town of Colonie for more information. Check Availability.


City of Schenectady H.O.M.E.S. (Home Ownership Made Easy in Schenectady)
The City of Schenectady has properties for sale through their Land Bank Program, as well as their “Second Mortgage Program” which provides a low interest loan of up to 10% (max $10,000) of the purchase price of a property to use toward down payment and/or closing costs. 75% of the assistance is converted into a grant if the purchaser resides in the property for five years.

Contact the City of Schenectady for more information. Check availability.


NYS Association of REALTORS® Housing Opportunities Foundation
NYSAR’s Housing Opportunity Foundation offers $2,000 gifts to assist income-eligible owner-occupants with the purchase of a home throughout New York State.

Visit The Community Foundation for the Greater Capital Region, Inc. for more information. Check availability.


HUD’s Definition of First-Time Homebuyer:

A first-time homebuyer, based upon the U.S. Department of Housing and Urban Development (HUD) definition, is an individual who meets any of the following criteria:

  • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
  • A single parent who has only owned a principal residence with a former spouse while married.
  • An individual who is a displaced homemaker and has only owned a principal residence with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.

HUD’S AREA MEDIAN INCOME LIMITS (IF APPLICABLE): Albany-Schenectady-Troy, NY MSA Effective 03/2015

1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON 7 PERSON 8 PERSON
80% LIMITS (LOW)  $ 45,950  $ 52,500  $ 59,050  $ 65,600  $ 70,850  $ 76,100  $ 81,350  $ 86,600
60% LIMITS  $ 34,440  $ 39,360  $ 44,280  $ 49,200  $ 53,160  $ 57,120  $ 61,020  $ 64,980
50% LIMITS (VERY LOW)  $ 28,700  $ 32,800  $ 36,900  $ 41,000  $ 44,300  $ 47,600  $ 50,850  $ 54,150
30% LIMITS  $ 17,250  $ 19,700  $ 22,150  $ 24,600  $ 28,440  $ 32,580  $ 36,730  $ 32,750