See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 2, 2026

Homebuyer Programs in Troy, NY (2026)

Population: 51,000 | Median home price: $255,000 | Est. closing costs: $5,000 - $7,500

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.

City 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 →

TRIP HomeOwnership Center Down Payment Assistance

Type:: Grant
Amount:: $25,000 to $30,000
First-time only:: Yes

Troy Homebuyer Incentive Program (HIP)

Type:: Grant
Amount:: $15,000 to $20,000
First-time only:: Yes

State Programs in New York

Program Name	Type	Amount	First-Time Only	Details
FHLBNY Homebuyer Dream Program	Grant	Up to $30,000	Yes	View →
SONYMA Down Payment Assistance Loan (DPAL)	Forgivable Loan	Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs	Yes	View →
SONYMA DPAL PLUS	Forgivable Loan	Up to $30,000	Yes	View →

FHLBNY Homebuyer Dream Program

Type:: Grant
Amount:: Up to $30,000
First-time only:: Yes

SONYMA Down Payment Assistance Loan (DPAL)

Type:: Forgivable Loan
Amount:: Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs
First-time only:: Yes

SONYMA DPAL PLUS

Type:: Forgivable Loan
Amount:: Up to $30,000
First-time only:: Yes

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
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 →
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 →

FHA Loans

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

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

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

HomeReady Mortgage (Fannie Mae)

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

HUD $100 Down Program

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

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

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

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
Habitat for Humanity Capital District Homeownership Program	Zero-Interest Loan	Affordable home purchase with no-profit pricing and low-interest mortgage	Yes	View →

Habitat for Humanity Capital District Homeownership Program

Type:: Zero-Interest Loan
Amount:: Affordable home purchase with no-profit pricing and low-interest mortgage
First-time only:: Yes

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13 programs available in Troy. See which ones you qualify for.

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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.

Frequently Asked Questions

How much down payment assistance can I get in Troy, NY?+

Troy homebuyers have access to some of the strongest DPA programs in the Capital Region. The TRIP HomeOwnership Center Down Payment Assistance program offers grants of $25,000 to $30,000 using federal HOME funds. The Troy Homebuyer Incentive Program provides additional grants of $15,000 to $20,000. The FHLBNY Homebuyer Dream Program offers grants up to $30,000 through participating lenders. SONYMA DPAL PLUS provides forgivable loans up to $30,000, and the standard SONYMA DPAL offers up to $15,000 or 3% of the purchase price. Qualified buyers stacking eligible programs could access over $50,000 in combined assistance.

Do I have to be a first-time homebuyer to qualify?+

Yes, both of Troy's city-funded programs — the TRIP HomeOwnership Center DPA and the Troy Homebuyer Incentive Program — require first-time homebuyer status, defined as not having owned a home in the past 3 years. The FHLBNY Homebuyer Dream Program also requires first-time buyer status. Habitat for Humanity Capital District requires the same. However, some SONYMA programs may be available to repeat buyers in certain target areas.

What is the maximum home price I can pay using these programs?+

Both TRIP-administered programs require that the purchase price not exceed 95% of the median purchase price for the Capital Region as defined by HUD. SONYMA programs have their own county-specific purchase price limits that are periodically updated. Contact TRIP at 518-690-0020 or a SONYMA-approved lender for the most current dollar limits.

What homebuyer education is required?+

Both TRIP-administered programs require completion of the Pre-Purchase Program offered through the TRIP NeighborWorks HomeOwnership Center before you can apply for down payment assistance. Contact TRIP at 518-690-0020 to register. The FHLBNY Homebuyer Dream Program also requires a homebuyer education certificate.

What savings do I need to apply?+

Both the TRIP HomeOwnership Center DPA and the Troy Homebuyer Incentive Program require applicants to show a minimum of $1,500 in savings at the time of application. For the TRIP DPA specifically, these savings must have been untouched for 3 consecutive months. The FHLBNY Homebuyer Dream Program requires a minimum $1,000 equity contribution toward the purchase.

What is the grant enforcement lien?+

Both TRIP-administered programs require recipients to sign a 10-year grant enforcement lien. This means if you sell or transfer the property within 10 years, you may need to repay all or a portion of the grant. If you remain in the home as your primary residence for the full 10 years, the lien is released.

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