Town of Colonie First Time Homebuyer Program

Town of Colonie First Time Homebuyer Program is a deferred second loan for homebuyers in Colonie, New York, administered by Town of Colonie Community Development Department. The Town of Colonie First Time Homebuyer Program provides a HUD HOME-funded subsidy (up to $14,000) toward down payment and closing costs for homes in the Town of Colonie, Village of Colonie, and Village of Menands, via the Colonie-Schenectady-Troy HOME Consortium. The subsidy is a deferred loan that becomes a grant after 10 years of owner-occupancy and must be repaid if the participant does not own and occupy the home for the HUD-mandated period. Up to $14,000 subsidy. Forgivable after 10 years of owner-occupancy. Funding comes from HUD HOME Investment Partnerships Program via the Colonie-Schenectady-Troy HOME Consortium.

Town of Colonie First Time Homebuyer Program offers up to $14,000 in assistance. Homebuyer contribution: Must have a savings account with an average balance of $1,500; responsible for costs above the subsidy. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Town of Colonie Community Development Department determines any individual award.

Town of Colonie First Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Subsidy (deferred loan) repaid if participant does not own/occupy as principal residence for the HUD-mandated period; becomes a grant after 10 years. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Town of Colonie First Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Displaced homemakers and single parents who have not owned a home in the prior 3 years qualify under HUD FTHB definition. On credit, the program states: Good credit history for the past 12 months; must qualify for a conventional loan. Residency requirement: Home in Town of Colonie, Village of Colonie, or Village of Menands; principal residence. Good 12-month credit history; 1+ year stable employment; $1,500 average savings balance; must qualify for a conventional loan; waiting list.

Town of Colonie First Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. Household gross income cannot exceed 80% of AMI. By size (1-8): $66,000 / $75,400 / $84,850 / $94,250 / $101,800 / $109,350 / $116,900 / $124,450. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Town of Colonie First Time Homebuyer Program can be used for Single Family, Condo, and Townhouse. New construction is not eligible.

Town of Colonie First Time Homebuyer Program serves homebuyers purchasing in Colonie, New York.

Applications for Town of Colonie First Time Homebuyer Program go through Town of Colonie Community Development Department, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.