BNI: Rebuilding Schenectady

Buy a House & Fix it Up

HARP-5 is the fifth round of funding offered under BNI’s “Homebuyer Acquisition and Renovation (HARP) programs. HARP-5 financing is:

Available to income eligible homebuyers;
To finance repairs at the time of purchase; on
One and two family homes in selected neighborhoods.

No-interest deferred payment loans of up to $25,000 for single family homes and $40,000 for two unit homes are available. HARP financing requires no monthly payment and is forgiven over time, though some restrictions do apply.

What Will HARP Pay For?

Renovations - HARP-5 funds will be used primarily for physical repairs and improvements to the property you are buying. At a minimum, homes must meet Housing Quality Standards (HQS) and local building codes. Improvements consistent with other nearby homes are also considered;
Down-Payment & Closing Costs - HARP-5 will finance costs associated with purchasing the home only if necessary to reduce your first mortgage principal, interest, taxes and insurance to no more than 30% of your income.

Technical Assistance

In addition to providing repair financing, BNI provides purchasers with advice and guidance throughout the process of purchasing and renovating the home.

A Housing Counselor helps you prepare for the purchase, obtain financing and be a successful homeowner;
A Director of Construction helps you evaluate the scope of construction and insures that the work is completed satisfactorily.

To Get Started

Call BNI to schedule an appointment with a Housing Counselor who will enroll you in BNI’s Homebuyer Education Workshops and help you complete a preliminary application. BNI’s Counselor explains the details of the program including program eligibility and restrictions and estimates funds available. If approved, HARP-5 funds will be tentatively reserved on a “first-come” basis. Then you can begin looking at potential homes to purchase.

Complete information about HARP-5 in
.PDF format can be accessed by clicking here!