Purpose

This program may assist you with funds to make a home affordable to your family. Funding is based upon need and the subsidy amount varies according to your income. The amount of assistance you receive is calculated by using your total monthly income. In general, you will be expected to pay 30% of your total monthly income toward your housing expenses.

After determining the monthly mortgage payment that you can afford to pay based on your income, the program provides the additional subsidy needed to purchase the home.

These funds can be used to:

  • Reduce the mortgage principal so monthly mortgage payments are affordable
  • Pay reasonable closing costs
  • Provide assistance to correct limited code or structural deficiencies when funds allow it
  • Address Lead Based Paint concerns

In addition, you will receive information in obtaining suitable bank financing.

HAPEC is a HUD Certified Housing Counseling Agency which provides comprehensive counseling services.

Are you eligible for assistance?

The program requires a participant to be a first time home buyer. You may be eligible, however, if you or your spouse has not owned a home for the past three years; or if you are a displaced homemaker; or if you are a single parent who owned a home with your spouse or previously resided in a home owned by a spouse.

What type of home are you looking for?

Do you wish to purchase:

  • an existing home that is for sale, or
  • a newly constructed home,
  • or own land and want to construct a home on the property?

All are eligible through this program!

NOTE: The purchase price including both the land and the home should not exceed $150,000.

 


First Time Homebuyer Program

Penny Daniels (518) 565-4456 or (518) 873-6888