Capital Housing Assistance Program
Program:
 | $7,500 for down-payment and closing costs. |
| Designed for use with the HSBC SHOP-Capital loan product. |
| Money available at loan closing. |
| Click here for program flyer.
|
Applicant Eligibility:
| Qualify as a first time home buyer. | ||||
| Income eligibility:
| ||||
| Mortgage qualified. Provide evidence of loan
pre-approval for a fixed rate loan at current market rates. Adjustable rate mortgages and loans from finance companies not accepted. |
Property Eligibility:
| Home to be purchased located within city limits of Albany, Schenectady or Troy. |
| 1-4 Unit residential property. |
Process:
| Complete a Registration Form.
| ||||
| Meet with housing counselor to confirm eligibility. See list of organizations below. | ||||
| Attend free home purchase workshops. | ||||
| Obtain lender pre-qualification. | ||||
| Receive notice to proceed, allowing 90 days to find a
home. |
Product Features:
| Five year forgivable loan. |
| Secured by a mortgage. |
| Funded by the Federal Home Loan Bank of NY. |
| Cannot be combined with IDA/First Home Club/Mortgage Match program. |
| Can be combined with sources such as HSBC’s SHOP-Capital program. |
Counseling Agencies:
|
Affordable Housing Partnership, Albany: (518) 434-1730 |
|
TRIP Homeownership Center, Troy: (518) 690-0020 |
|
Better Neighborhoods Inc., Schenectady: (518) 372-6469 |
