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BNI has summarized a few of the many mortgage products designed for the first-time homebuyer. Please remember that this list is intended as a general guide and overview only, please confirm particulars and availability with the respective lender. For information on finding the best mortgage, please consult the on-line guide offered by The Federal Trade Commission.

 

For your convenience, the chart below is also offered in
printable Word format which can be accessed by clicking here!

Community Home Buyer Financing Options

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Bank Of America
Community Commitment
(518) 447-4300

0% 41/41 None in target areas, others $60,400 1-4 unit primary residence All Areas

$200 Application Fee

Notes:
$500 borrowers own funds. $2500 grant available/closing costs in target areas. 3% seller concessions allowed.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Citizens Bank
FHA CRA Mortgage   Paula Haberland   432-2250

3.5%

33/43

Low or moderate income or moderate census tract

1-4 Unit Primary Residence

All Areas

$375 application fee

Notes:
Low income census tract reduce interest rate 1%.  Moderate income tract reduce interest rate 1/2%.  6% seller concession allowed

             

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

TD Banknorth Mortgage
My Community Mortgage
Bill Powell: (518) 439-4426

1 & 2 Family, None.

Flexible

No income limit

1-4 Unit Primary Residence

All

Call
Notes:
Rate reduced by 0.5% if income is below $56,500
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

1st National Bank
of Scotia

Community Home
Buyer Program

Joyce Poulin: (518) 370-7280
1 Unit = 0 down
 
2-4 Units = 3% Own Funds
 43% "Median" Income
(see chart)
1-4 Unit Primary Residence 1st National Service Area Call

Notes:
30Yr. Fixed. Homebuyer Education req. Seller concessions allowed. Free pre-approvals.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

First Niagara
First Home Club
Richard Norelli: 464-1100 X793

3%
($500 from borrower)
Up to
38/41
"Moderate" Income
(see chart)
1-4 Unit All Areas Call
Notes:
Up to $7,5000 matching funds w/First Home Club* account (HomePride or SONYMA loans).
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

HSBC
Community Works
Paul Hurley(518) 785-0300
3% total
 
45% None in target, otherwise $60,400
(1-4)
1-4 Unit Primary Residence New York State $325 App. Fee

Notes:
.5% Discount rate, Net PITI Rent. 12 months good credit. Rehab loan available, no maximum TLTV.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Key Bank Mortgage
HomeAssist Program
Fariba Khosravi
(518) 423-1363

3% 1-2 unit
10% 3-4 unit

40%

None in target, otherwise 100% MAI

1-4 Unit Primary Residence

All Areas

Appraisal & Credit

Notes:
Closing financed if W/I 100% LTV. No PMI. Up to 6% seller concessions. Down-payment grant/gift/loan okay. Can include improvements/rehab.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

M&T Bank
"Get Started" Program
Al DeSalvo:
(518) 464-6155

1% own + 2% pers. loan

33/41

None in target, otherwise $60,400 for HH size 1-4

1-2 Unit Primary Residence

Capital District

$295
1 Family appraisal

Notes:
Up to 10 year personal loan lends 2% down, closing and tax escrows. Discounted rate in target areas or $2500 grant. Biweekly deductions from free Checking Account. First Home Club* matched $4 to $1.  FHA 203K Available
Also FHA & SONYMA available.

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

NBT Bank
Patti Montgomery
(518) 489-9224

0% ($500 borrowers own funds)

35-40%

"Median" Income
(see chart)

1-2 Unit Primary residence only

All

None

Notes:
30 year fixed rate. No PMI. Home Buyer education required. Interest rate
reduced 0.25%. Low closing cost option.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Pioneer Savings
Affordable Housing
Program

Al Wells:
(518) 274-4800

0%

33/41

"Median" Income
(see chart)

1-2 Unit Primary Residence

Target Areas

Appraisal & Credit

Notes:
Up to 110% LTV to finance closing w/$500 own funds. Rental $ not included. 3% down w/Non-target  AHP, Rehab/ Repair AHP, and First Home Club $3 to $1 Matched Savings Program. Also FHA & SONYMA available.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

SEFCU
Affordable Gold
Program

Kim Reilly:
(518) 459-6532

5%
(3% own)

40%

"Median" Income
(see chart)

Single Family Residence

All Areas

Appraisal & Credit

Notes:
Low closing costs. Also offer Section 8, Land Trust, "Alt 97". 3-to-1 matched savings w/ First Home Club.* Branch at 920 Albany St.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Sunmark
Federal Credit Union
My Community Mortgage Alissa Sykes: (518) 382-2597 ext 3175

0%
($500 borrowers funds)

43%

"Median" Income
(see chart)

1-2 Unit Primary Residence

NY State

$300

Notes:
Free, fast pre-approvals. 30 year fixed rate. Seller concessions can be used for closing costs.
 

Institution &
Contact Person

Down Payment
(Min.)

Housing & Debt Ratios

Max Eligible Income

Eligible Properties

Areas Available

Fees

Trustco Bank
Affordable Housing
Program

Contact any branch
manager.
 

0%
Will finance 10% down payment

30/40

"Moderate" Income
(see chart)

1-2 Unit

Trustco Service Area

$100

Notes:
No escrow equals low up-front costs. No PMI. Tax saver account. Discounted rate. Free pre-qualify. No seller concessions.
 

* First Home Club is a matched savings program offered through the Federal Home Loan Bank. Learn how to earn $4 for every $1 you save up to $7,500 over at least 10 months in a qualified account. Call participating lenders or the Capital District Individual Development Account program for details: (518) 372-6469

2010 HUD HOME Income Guidelines (Albany/Schenectady/Troy MSA)

1 2010 HUD “HOME”

   Income Guidelines

For a household of:

1

2

3

4

5

6

7

% Area Median Income

“Moderate” income is:

$42,300

48,350

54,400

60,400

65,250

70,100

74,900

80%

“Median” income is:

$52,900

60,400

68,000

75,500

81,600

87,600

93,700

100%

 

Please e-mail us if you are aware of corrections or other products that you think ought to be highlighted.

Overview

Advice Grants Homes Apartments Contact Us Links

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Better Neighborhoods, Inc - 986 Albany Street, Schenectady NY 12307
Telephone: (518) 372-6469 Fax: (518) 372-6460