Purchase Assistance

Special programs can help make home ownership affordable
City, state, federal and private funds are periodically available to assist home buyers who are unable to meet the financial requirements of banks and mortgage lenders. Some programs help with down payments, some lower interest rates for low-income borrowers and many have a required time period that the home buyer stay in the house. Programs currently available are:

City of Rochester

Home Purchase Assistance Program (HPAP)
This program gives first time home buyers either $3,000 or $5,000 (depending on location) toward either down payment or closing costs. Buyers must agree to live in the house for at least 5 years and must be able to invest $1,500 of their own savings toward down payment or closing costs.  For more information call the City of Rochester Bureau of Housing and Project Development at 428-6888.

HOME Rochester
The City of Rochester and New York State work together to provide rehabilitated, affordable homes to low-income families. Participants in this programs must meet income requirements and agree to live in the house for 10 years. HOME Rochester houses are located throughout the city. Call 428-6888 for more information.

Home Expo
This program makes new houses built on vacant lots in the city available to families seeking affordable housing. Applicants can pay full market value for the house or apply for city and state subsidies if they are qualified. Call 428-6820 for more information.

Other Providers

SONYMA Low Interest Rate Mortgage Program
SONYMA's Low Interest Rate Mortgage Program provides qualified low- and moderate-income first-time homebuyers with low down payment mortgage financing on one- to four-family dwellings at fixed interest rates which are below prevailing conventional rates.

Federal Housing Administration (FHA) Mortgage 
FHA home loans are insured by the Federal Housing Administration (FHA), a division of Housing and Urban Development (HUD). FHA home loans feature low down payments and flexible guidelines to make it easier to qualify. Although there are no income restrictions, most FHA insured financing is provided to lower income, first time home buyers.

Veteran's Administration (VA) Mortgage
The U.S. Department of Veterans Affairs guarantees mortgage loans for veterans of the armed services, those currently in the armed services and their spouses. This loan program allows veterans to get home loans with favorable loan terms, usually without a down payment. 

Step 5 - Selecting a Home