Buy your first home with Habitat!
First-time homeownership opportunities in Albany & Troy, NY
Habitat partners with people to help them build a place they can call home.
Why buy a house from Habitat?
Buy a newly-built or newly-rehabbed home at an affordable price
Build equity & generational stability
“Pocket equity”
savings from an affordable monthly housing payment
Earned equity
Equity earned by paying down your morgage
Appreciated equity
Financial gain as your home value increases
Assistance with grants to help pay fees, closing costs and down payments
Program Requirements
You may be ready to apply to purchase a home from Habitat if you are:
In need of better housing
Be a first-time homebuyer, defined by the Department of Housing and Urban Development (HUD) as not having owned a home in the past 3 years
Earn 50%-80% of the Area Median Income (AMI) as established by HUD (current limits listed below)
Be currently living in overcrowded, substandard, public or unaffordable housing; and/or unable to qualify for a conventional mortgage
Living or working in our service area
Be a legal permanent resident or citizen of the U.S. and have lived or worked in Albany, Rensselaer or Southern Saratoga County for at least the past year.
Able to pay an affordable mortgage
Proof of steady income
Have satisfactory credit history, with no accounts in collection, no charge-offs, no unsatisfied public records, and no bankruptcies within the last 4 years.
Established monthly savings account with at least $1,000 to cover your deposit, mortgage application, and appraisal fees.
Provide 1% cash down payment at closing
Willing to partner with Habitat
Complete 100 “partnership hours”
Complete required financial education and homebuyer preparation courses
Please note: Your approval is based on your unique circumstance, which means that Habitat and our banking partner will review your household size, annual income, credit history and other debts that you have (credit card, car payments, student loan) to determine whether you qualify to purchase this Habitat home. The income chart above does not alone indicate whether you will qualify.
“I learned how to maintain my home and how to finance it. I wasn’t just getting a home; I was gaining knowledge and experience in the process.”
— Eh P., Habitat homeowner
Thinking about buying a Habitat house? Start here:
Attend a free, HUD-approved Homebuyer 101 course
We recommend:
Albany Housing Partnership (AHP): AHPhome.org; or
Troy Rehabilitation & Improvement Program (TRIP): triponline.org
The course will help you decide if homeownership is right for you at this time. AHP and TRIP can also help you prepare financially for buying a home, including how to begin a savings account or improve your credit history
Sign up to be notified when our applications open
Habitat opens applications when we have homes available to purchase, which is typically 2-3 times per year. We do not keep a waitlist.
Questions? Email us: homes@habitatcd.org
What to expect during the homeownership process
What Habitat builds
Habitat builds new homes and rehabilitates vacant homes for first-time homebuyers. We work with our homebuyers to secure an affordable mortgage from one of our local banking partners. We also provide pre-purchase counseling and support services to make sure you will be successful in your new home.
We do not provide home repairs for owner- or renter-occupied homes, nor do we provide grants for housing or home repairs. Habitat does not own or manage any rental properties.
Where Habitat builds
Habitat is committed not just to building homes, but to building community. We prioritize our construction efforts within focus neighborhoods to maximize our impact. Currently, we are building in Albany’s Sheridan Hollow and South End neighborhoods and the North Central Troy neighborhood.
Habitat for Humanity follows a nondiscriminatory policy of family selection. We are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
