First Time Homebuyer Program
What is the First Time Homebuyer Program?
The Town of Colonie First Time Homebuyer program provides a subsidy to participants to purchase homes in the Town of Colonie, Village of Colonie, and Village of Menands. Funds for this program are provided by the US Department of Housing and Urban Development (HUD) through the Colonie Schenectady Troy consortium. The program is designed for qualified households with incomes below 80 percent of the area median income who are capable of qualifying for and repaying a mortgage. The subsidy is a grant which must be repaid if the participants do not own and occupy the home as their principal place of residence for a period of time as mandated by HUD at the time of closing. Participants are responsible for all costs above the subsidy.
Who is eligible?
Families and individuals who meet the household income requirements (see chart) are eligible for the Town of Colonie First Time Homebuyer program if they:
- are a "First Time Homebuyer" as defined below:
- a household that has not owned a home during the three year period immediately prior to purchase with HOME funds or
- a displaced homemaker is an adult individual who has not worked full-time, full year in the labor force for a number of years but has, during such years, worked primarily without pay to care for the home and household, and is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment or
- a single parent is an individual who is unmarried, divorced, or legally separated from a spouse and has one or more minor children for whom the individual has custody or joint custody, or is pregnant at the point when the property will be occupied
- have a good credit history for the past 12 months
- have at least one year of stable employment / income
- have an established savings account with an average balance of $1,500
- qualify for a conventional loan (note and mortgage)
- and provide evidence that they can make the monthly mortgage payments.
A household's current gross income from all sources cannot exceed 80% of the area median income.
Annual Income Limit
|8 or more||$102,450|
What properties are eligible?
Properties to be purchased using Town of Colonie First Time Homebuyer funds must:
- be located in the Town of Colonie, Village of Colonie, and Village of Menands
- meet Federal Housing Quality Standards at the time of closing
- be modest housing as defined by HUD
- pass a lead-based paint visual assessment
- be a single family, condo, or townhouse
- be the buyer's principal residence
How to obtain a First Time Homebuyer Application form?
The Town of Colonie First Time Homebuyer program is administered by the Community Development Department. If you think you may be eligible and would like to be placed on the waiting list, you may call our office or you may download the First Time Homebuyer Application by completing this form.
534 New Loudon Road
Latham, NY 12110