Homebuyer Assistance Programs

Here are some basic requirements that you might need to meet:

• Income Limits: Eligibility for these programs is typically based on 80% of the area median income.

  • In the Capital Region in 2026:

    • Household Size or 1 or 2 persons: Income up to $94,240

    • Household Size of 3 or more persons: Income up to $108,376

    • Some program offerings (if available from your lender) may assist households of 1 or 2 with incomes up to $141,360 and households of 3 or more with incomes up to $162,564.

• First-Time Homebuyer Status: Applicants may be required to be first-time homebuyers, meaning they have not owned a home in the last three years.

• Homebuyer Education: Completion of a homebuyer education course may be mandatory to ensure applicants understand the buying process.

• Debt-to-Income Ratio: A maximum debt-to-income ratio may be established to ensure applicants can afford monthly payments.

Many of the programs below can be used in conjuction with one another and in some cases may mean there is very little up front cost to you to purchase a home!

Nearly all of these programs are accessible for properties with 1-4 units. If you're thinking about buying a multifamily property, the loan process is much like purchasing a single-family home. An added advantage is that you can use the income from the other units to offset your mortgage. The only possible challenge is that this income might impact your eligibility, but it can also help you qualify for a higher purchase price.

The first and most important step in the process is to contact a lender who specializes in these types of programs to determine your eligibility and budget. There is no up front cost to you. They are there to help you so make sure you ask them any questions you have about financing!

If you would like to be put in contact with a lender or would like to work with me to make homebuying possible, please fill out the form at this link:

www.aprilrosehome.com/homebuyer-programs

Federal Homebuyer Assistance Programs

• Homebuyer's Dream Program (HDP): This program offers up to $30,000 in grant moneys for eligible first time hombuyers.

  • Dates to be aware of:

    • February 9 – HDP rounds open

    • August 27 – Initial allotment period ends

    • September 9 – Redistribution of unreserved allotments.

    • November 27 – HDP rounds close (may close earlier if funds are exhausted)

• HomeReady and Home Possible Loans: Offered by Fannie Mae and Freddie Mac, these programs provide flexible underwriting guidelines and low down payment options for low to moderate-income borrowers.

  • Allow for as little as 3% down

  • Typically require minimum 620 credit score

• FHA Loans: Insured by the Federal Housing Administration, these loans allow for lower down payments and are accessible to borrowers with lower credit scores.

  • Allow for as little as 3.5% down

  • Requires a minimum credit score of only 580

  • Does have some restrictions on the condition of the property (no chipping/peeling paint, no cracked or broken windows, handrails required for any stairs 3 or more)

  • Can be a bit less competitve than other loan types

• VA Loans: Available to veterans and active-duty military, these loans offer no down payment options and do not require private mortgage insurance (PMI).

• USDA Loans: Designed for rural homebuyers, these loans provide zero down payment options for eligible low to moderate-income buyers in designated rural areas.

  
  

New York State Homebuyer Assistance Programs

• State of New York Mortgage Agency (SONYMA): Offers low-interest mortgages first-time homebuyers and those purchasing in certain targeted areas.

  • Allow for as little as 3% down

• SONYMA's Down Payment Assistance Loan (DPAL):

  • 0% interest rate loan applied to the down payment

  • Forgiven after 10 years, but may require that you live in the property for 10 years. If you sell the house before then, you will need to pay the loan off in full.

  • Minimum loan amount: $1,000

  • Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest

Programs in Albany, Troy, and Schenectady

• Albany County Development Agency (ACDA) - Home Aquisition Program (HAP): This is a down payment assistance program for purchasing a home in Albany. Amount awarded may be up to $14,900.

• 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 $25,000 & $30,000.

• 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.

NYSAR Grant: Available to first time homebuyers just for working with me! $2,000 is awarded on a lottery system every month. I always encourage my clients to apply for this once we are under contract. Every little bit helps!

Let's make your dream of buying a home a reality together.

I typically do not have my buyers pay my realtor commission,

so it is completely free to work with me!