The down payment assistance programs that are listed here are a sample of what is available for homebuyers in New York. This can be your starting point as you search for the right program for your family. Home Purchase and Refinance Loans

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Rensselaer County Homebuyer Program

Financial Assistance for Homebuyers in New York

TRIP's HomeOwnership Center administers federal HOME funds for the City of Troy Homebuyer Incentive Program (HIP). These funds are available to first-time homebuyers for down payment and/or closing cost assistance. The Rensselaer County Homebuyer Program (RCHP) grants assistance of $15,000 and $20,000 to qualifying applicants.

Eligibility Requirements
Applicants must be first-time homebuyers and show a minimum of $1,500 in savings at the time of application. They will be required to sign a 10-year grant enforcement lien and must have completed Pre-Purchase Program before applying for down payment assistance.

Property Guidelines
Any property being purchased under the Rensselaer County Homebuyer Program must be a single-family, owner-occupied dwelling that meets Housing Quality Standards. The home must be located in Rensselaer County, but outside Troy's City Limits. The purchase price must not exceed 95 percent of the median set for Capital Region as defined by HUD.

Income Limits
Applicants must be at or under 80 percent of the HUD area median income as shown below:

1 person household: $46,550
2 person household: $53,200
3 person household: $59,850
4 person household: $66,500
5 person household: $71,850
6 person household: $77,150
7 person household: $82,500
8 person household: $87,800

Note: All figures cited in these program descriptions were accurate at the time of publication and may no longer be current - visit the program website(s) for updated information.

Down payment assistance programs and/or grants were researched by the team at Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.'s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

The City of Albany offers to its residents the Home Acquisition Program (HAP). It provides financial assistance to low income households with low annual incomes.  Funds can be put towards the down payment and closing costs of the home for a first-time homebuyer who resides in the property being purchased.

This program is in the form of a second mortgage and provides eligible applicants with a loan of up to 10 percent of the purchase price of the property in order to meet the down payment requirements. The loan has an interest rate of 4 percent with a 5-year term.

The Homebuyer Incentive Program (HIP) grants assistance of $15,000 and $20,000 to income- eligible applicants, in order to promote homeownership in Troy for low income homebuyers. Troy Rehabilitation and Improvement Program requires that all applicants must be first time homebuyers.

With the Federal Home Loan Bank of New York's Homebuyer Dream Program, participants can obtain a grant up to a $9,500 towards down payment and closing cost assistance to eligible first-time home buyers purchasing a home through one of their approved community- member lenders.  Additionally, the program offers up to $500 towards the defrayment of homeownership counseling costs.  

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers the opportunity to receive a grant, which is designed to assist with closing costs and/or down payments. The Housing Opportunities Foundation Individual Grant Program is in the form of a gift . Repayment is not required.

The Troy Homebuyer Incentive Program (HIP) makes funds available for down payment and/or closing cost assistance, via the Rensselaer Country Homebuyer Program.

The State of New York Mortgage Agency (SONYMA) Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding needed to purchase a home.

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