See programs you qualify for
Get Matched Free →Homebuyer Programs in Troy, NY (2026)
Troy is a city in Rensselaer County, New York, located along the Hudson River in the Capital District, with a population of approximately 51,000 and a median home price around $255,000. Troy stands out for its exceptionally strong local homebuyer assistance programs. The TRIP HomeOwnership Center Down Payment Assistance program offers grants of $25,000 to $30,000 using federal HOME funds, and the Troy Homebuyer Incentive Program provides additional grants of $15,000 to $20,000 for low-income buyers. Habitat for Humanity Capital District also builds and sells affordable homes in Troy. At the state level, the FHLBNY Homebuyer Dream Program provides grants up to $30,000, and SONYMA programs offer forgivable loans up to $30,000. By combining eligible programs, qualified first-time buyers in Troy could potentially access over $50,000 in combined assistance toward their home purchase.
Top Homebuyer Programs in Troy
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| TRIP HomeOwnership Center Down Payment Assistance | Grant | $25,000 to $30,000 | Yes | View → |
| Troy Homebuyer Incentive Program (HIP) | Grant | $15,000 to $20,000 | Yes | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Habitat for Humanity Capital District Homeownership Program | Zero-Interest Loan | Affordable home purchase with no-profit pricing and low-interest mortgage | Yes | View → |
| FHLBNY Homebuyer Dream Program | Grant | Up to $30,000 | Yes | View → |
| SONYMA Down Payment Assistance Loan (DPAL) | Forgivable Loan | Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000) | Yes | View → |
| SONYMA DPAL PLUS | Forgivable Loan | Up to $30,000 | Yes | View → |
- Type:
- Grant
- Amount:
- $25,000 to $30,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $15,000 to $20,000
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with no-profit pricing and low-interest mortgage
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000)
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. Troy's primary DPA programs require annual household taxable income under 80% of the HUD Area Median Income. You must be a first-time homebuyer and have a minimum of $1,500 in savings untouched for 3 consecutive months.
- Step 2:
Complete homebuyer education. The TRIP NeighborWorks HomeOwnership Center offers a Pre-Purchase Program that you must complete before applying for down payment assistance. Contact TRIP at 518-690-0020 to register.
- Step 3:
Contact the TRIP HomeOwnership Center. Visit TRIP at 409 River Street, 1st Floor, Troy, NY 12180 or call (518) 272-8289. They administer both the TRIP DPA (HOME funds) and the Troy Homebuyer Incentive Program and will help you determine which programs you qualify for.
- Step 4:
Get pre-approved for a mortgage. Work with a SONYMA-approved lender or a participating FHLBNY member bank to get pre-approved and explore the Homebuyer Dream Program grants up to $30,000.
- Step 5:
Find a home within program guidelines. The property must be located within the City of Troy, be 1 or 2 units and owner-occupied, and the purchase price must not exceed 95% of the median purchase price for the Capital Region as defined by HUD. You cannot have a purchase contract on a home when you apply for TRIP programs.
- Step 6:
Submit your program applications. Work with your TRIP counselor and lender to apply for all programs you qualify for. Note that both TRIP programs require a 10-year grant enforcement lien on the property. FHLBNY Homebuyer Dream Program grants are awarded on a first-come, first-served basis.