First Time Home Buyer’s Program

This program is available for first-time homebuyers in Schenectady.

Assistance is offered in the form of a second mortgage for as much as 10% of the house’s purchase price, which can be used to pay for the down payment and/or closing costs.

Because a second mortgage is a loan, this assistance must be paid back. The assistance has an interest rate of 4% and a 5-year term, but if the applicant lives in the house for at least 5 years, 75% of the loan is converted to a grant that does not need to be paid back.

In order to be eligible, applicants must be first time homebuyers and have a mortgage commitment for at least 90% of the purchase price from a lender.

In addition to being located in the city of Schenectady, eligible properties must be the homebuyer’s primary residence for at least 5 years, have no more than 3 units, be in standard condition, and pass a C of O and lead-based paint inspection.

Income Limits for 2020:

  • 1 person household: $46,550
  • 2 person household: $53,200
  • 3 person household: $59,850
  • 4 person household: $66,500
  • 5 person household: $71,850
  • 6 person household: $77,150
  • 7 person household: $82,500
  • 8 person household: $87,800

Other programs in New York:

Or click here to search a different state.