The Homebuyer Program is designed to
assist homebuyers with the funds that they may be lacking
from their own resources for downpayment and/or closing cost
assistance, and rehab assistance. This funding is granted
to all eligible applicants on a first-come, first-served basis.
This assistance is contingent upon the families income, credit
worthiness, and ability to secure a first mortgage loan with
a local lending institution. A combination of their first
mortgage loan, savings, and the Homebuyer Program assistance
should enable them to purchase a home.
 First
Home Club
This First Home Club is a homebuyer education program specifically
designed for income-eligible first-time buyers. Every $1 you
save towards the purchase of your first home will be matched
with $3 from the Federal Home Loan Bank, up to $5000. The
participating banks in Ulster County are Ulster Savings Bank,
HSBC, M&T, Rondout Savings Bank, Provident Bank, Rhinebeck
Savings Bank and the Mid Hudson Valley Federal Credit Union.
Assistance is also given to help to determine the buyer’s
monthly savings goal, and the time frame in which to achieve
it. The training takes place over 6 months and covers all
different aspects of home buying, from start to finish.
Fast Track
Program
The Fast Track Program is designed for the homebuyer who has
good credit, sufficient savings and has been pre-approved
by a mortgage lender. The two day, two hour, evening program
brings together the professionals involved in the transaction
of purchasing a home.
Section 8
to HomeOwnership
Section 8 to Homeownership provides a wonderful opportunity
for families receiving Housing Choice Voucher (Section 8)
rental assistance to create roots in the community, create
pride, and have a safe place for their children. The following
eligibility requirements must be met to apply: you must be
a current Housing Choice Voucher participant and have completed
an initial lease term of one year; family household income
must be at least equal to 2000 hours of work at federal minimum
wage ($10,300); head of the household or spouse must be employed
full time and have been continuously so employed for a period
of at least two consecutive years; families must be in full
compliance with their lease and Housing Choice Voucher requirements;
must be eligible for a first mortgage loan, the family must
enroll in RUPCO’s homebuyer education program, attend
homeownership pre-purchase counseling and receive a Certificate
of Completion, which would deem the family mortgage ready.
Household participation in Family Self-Sufficiency Program
recommended.
 Revolving
Loan Fund
Low interest loans are available to single-family homeowners
to finance home improvements to their properties. Typically,
the types of repairs can include the replacement of a roof,
heating system, well or septic, electrical upgrade and handicapped
accessibility. The fund will also facilitate the purchase
of a home by new homeowners by financing down payment and
closing costs.
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