Department of Development - Schenectady

The Department of Development in Schenectady has a first time home buyer's program. The program offers a second mortgage loan to 1st Time Home Buyers for up to 10% of the purchase price of a property to use for a required down payment and or closing costs with a lender. This program requires repayment of or 25% of the amount borrowed at 4% interest for five years.  The other or 75% of the loan amount will be converted into a grant provided you continue to own and live in the property for the full term of the loan.   If you transfer the property or fail to live in the property during the five-year period, the grant portion of the loan must be repaid in full with no interest. For more information, contact the organization.