Federal Home Program
- Grant funds are available to first-time homebuyers to purchase existing single-family homes in Chemung, Schuyler or Steuben Counties
- Total annual gross income from all sources for all household members must meet income eligibility requirements
- See income limits listed below
- Must have a minimum of $500 (but should have at least $1,000) to put toward the purchase of the home
- Must be able to obtain a fixed-rate mortgage; debt-to-income ratio cannot exceed 41%
- Uses
- Down payment assistance (5% of purchase price)
- Closing cost assistance (up to 6% of the purchase price)
- Housing Quality Standards repairs (as required by Tri County)
- Energy audit
- Amount of grant ranges from $4,000 to $10,000
- All applicants are required to take a homebuyers class. Click here for a class registration form.
- Grant becomes a second mortgage for five (5) years at 0% interest
- Must live in the home for 5 years
- Grant totally forgiven after 5 years
- Part or all of the grant must be repaid, if grant recipient does not ive in the home for 5 years
For further information, contact Vicki Zahradka at (607) 562-2477 ext. 213 or .
|
Chemung County Income Limits |
|||||
| Household Size |
Max Income | Household Size |
Max Income | Household Size |
Max Income |
| 1 |
$32,050 |
4 |
$45,750 |
7 |
$56,750 |
| 2 |
$36,600 |
5 |
$49,450 |
8 |
$60,400 |
| 3 |
$41,200 |
6 |
$53,100 |
||
|
Schuyler County Income Limits |
|||||
| Household Size |
Max Income | Household Size |
Max Income | Household Size |
Max Income |
| 1 |
$31,000 |
4 |
$44,250 |
7 |
$54,900 |
| 2 |
$35,400 |
5 |
$47,800 |
8 |
$58,450 |
| 3 |
$39,850 |
6 |
$51,350 |
||
|
Steuben County Income Limits |
|||||
| Household Size |
Max Income | Household Size |
Max Income | Household Size |
Max Income |
| 1 |
$31,000 |
4 |
$44,250 |
7 |
$54,900 |
| 2 |
$35,400 |
5 |
$47,800 |
8 |
$58,450 |
| 3 |
$39,850 |
6 | $51,350 | ||
Funded through the Department of Housing & Urban Development in conjunction with the NYS Division of Housing & Community Renewal.