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Key to the City
H.O.M.E.S
Home Ownership Made Easy in Schenectady
HOMES SHOW/OPEN HOUSE:
June 23, 2013
Key To The City
Download Contractor
Application
Contractor Rehab
Program Project #1
14
Meyers Alley
List of City-Owned Properties as of Nov. 09, 2012
First Time Home Buyer’s
Program
Provides funding assistance for first
time home purchasers within the City of Schenectady.
The program is called the "Second Mortgage Program" and
provides the following to eligible applicants:
-
A loan of up to 10% of the purchase
price of a property to use toward down payment and/or
closing costs
-
An interest rate of 4% with a
5-year term
-
75% of the assistance will be
converted into a grant if the purchaser resides in the
property for five years
One, two and three unit residential
properties are eligible. Houses must be in standard
condition and able to pass a Certificate of Occupancy
inspection and Lead Based Paint Clearance.
Applicants must meet federal income
eligibility requirements and have a mortgage loan approval
from a lender for at least 90% of the purchase price prior
to application.
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