Schenectady First Time Home Buyer's Program

Administered by: City of Schenectady Department of Development · City · Forgivable Loan

Funding status: Active

How much assistance

Up to 10% of purchase price (Forgivable Loan)

75% of assistance forgiven after 5 years of owner-occupancy. Remaining 25% repaid over 5-year amortization at 4% interest.

Eligibility

  • Income limits: Must meet HUD low- to moderate-income guidelines
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Geographic restrictions: Must purchase within City of Schenectady limits.

How to Apply for Schenectady First Time Home Buyer's Program

Step 1: Contact the City of Schenectady Department of Development at (518) 382-5147 to begin your application. You must have a mortgage commitment from a lender for at least 90% of the purchase price. The property must be a 1, 2, or 3-unit single-family home within city limits.

Visit program website

Notes

Structured as a second mortgage loan at 4% interest. Property must pass Certificate of Occupancy inspection and Lead-Based Paint Clearance.

Cities Where This Program Is Available