For home buyers who are looking for an affordable mortgage option and like the idea of living in a rural part of the county, Chautauqua Opportunities, Inc. can pre-qualify customers for a great mortgage product.  Made available through the United States Department of Agriculture, the 502 Direct Loan program offers mortgages with reduced interest rates, between 1% – 4.25%, along with minimal down payment and closing cost requirements – which makes the mortgage affordable to recipients. For additional information, click here. (https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans)

The USDA Home Repair program is designed to help very-low-income homeowners repair, improve or modernize their homes and give them the opportunity to live in a safe and comfortable environment. Households can apply for the program with the help of Chautauqua Opportunities Inc. Asset Development Specialist. For additional information, click here.

Homebuyer Dream Program provides funds in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income (“AMI”) and purchasing homes in New York, New Jersey, Puerto Rico or the U.S. Virgin Islands. The maximum grant that a household may receive varies each year, as determined by the bank, and submitted to the Federal Home Loan Bank of NY. Our bank partners for this program are M&T Bank and Lake Shore Savings Bank. For additional information and guidelines click here. https://www.fhlbny.com/community/housing-programs/hdp/

Any qualified buyer may apply for an FHA- insured loan with an approved lender.  FHA down payment is 5.5% percent of the sales price which must be provided from the borrower’s own funds, a family gift, or a grant from a non-seller related nonprofit housing organization.  You will be required to pay a monthly mortgage premium for the life of the loan.

There are no income limits for obtaining an FHA loan but there are limits on the amount you may borrow.  These limits are set by HUD according to home prices in your geographic area. More information can be found here. (https://www.hud.gov/buying/loans)