Schenectady holds first real estate open house since “Homebuyer Assistance Program" launch
SCHENECTADY -- Kathy Campchero came to a showing at this house on Lexington avenue looking for a starter home for her daughter. She says her biggest draw to the program, is the city's homebuyer assistance program, which can offer help with a house's down payment.
"That's the initial entry into the home market,” Campchero says.
“To save, let’s say house costs $150,000, 20 percent of that is $30,000. That can be very challenging,” says Jan Callahan, Associate Broker at Berkshire Hathaway.
Denise Harris says she's a first time homebuyer. The big draw from her is the city's offer of up to 20,000 dollars in rehab costs.
"You don't want to have to buy a new home and your boiler room goes in six months or you need a new roof,” Harris says.
The program just launched this week. The city's goal from it is to help people buy vacant homes, even if they don't meet the usual income requirements. Mayor Gary McCarthy says the incentives can help renovate older homes, and increase their value. City Homebuyer coordinator Matthew Smith says any vacant house in the city is eligible for the program, but the program does have income requirements of its own, which vary depending on how many people are in your current home. Funding for the program came from a $22 million settlement with JP Morgan Chase.
There are income requirements to qualify for the program. Households in Schenectady or Rensselaer county with 2 people or less must have an income of $124,650 or less.
Households with 3 people or more in those two counties must have an income of $143,340 or less.
Along with the income requirements, you also have to go through several credit background checks with the State of New York Mortgage Agency.
For more info on how to apply, click on the link below.