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Even if you dont have a lot or any money saved, you may still be able to buy a home. There are many home purchase programs, most aimed at helping first-time buyers and individuals uncertain about their financial ability to purchase a house. Following are descriptions, eligibility requirements and contact information for several of these programs.
U.S. Department of Housing and Urban Development (HUD)
Eligibility: First-time and low- to moderate-income homebuyers.
Federal Housing Administration (FHA)
Eligibility: People who may not qualify for more conventional loans because of income level or not-so-perfect credit.
Officer Next Door
Eligibility: Full-time law enforcement officers employed by a federal, state, county or municipal government.
Teacher Next Door
Eligibility: Candidates must be employed as a teacher, counselor, advisor or administrator.
Eligibility: One- to four-family dwellings, at least a year old and with rehabilitation costs of at least $5,000.
Loans for Veterans
Eligibility: Veterans and military service personnel.
State of New York Mortgage Agency (SONYMA)
Eligibility: Low- to moderate-income first-time homebuyers financing a one- to four-family home.
Fannie Mae and Freddie Mac
Eligibility: Low- to middle-income homebuyers.
Better Neighborhoods, Inc.
Eligibility: Low- to moderate-income residents in Schenectady County. Services: Free counseling and assistance for first-time homebuyers in Schenectady County; building and renovation programs; and zero percent interest loans for repairs. Contact: (518) 372-6469.
The Affordable Housing Partnership
Eligibility: Low- and moderate-income residents in the Capital Region.
Schenectady Housing Development Fund Corporation
Eligibility: Low- to moderate- income homebuyers.
Hill and Vale Affordable Housing
Eligibility: Low- and moderate-income residents.
The Chamber of Schenectady County
306 State St. Schenectady, NY 12305
Ph: 518.372.5656 800.962.8007 Fx: 518.370.3217
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