Federal funds offered for first-time homebuyers

VOORHEESVILLE — Capital District first-time homebuyers who enroll in the Federal Home Loan Mortgage Match Program can benefit from a federal match on savings to be used for the purchase of a home.

By participating, a future homeowner earns a match of $4 for every $1 saved — up to a maximum match of $7,500 — to apply towards a down payment and closing costs.

People participating in the program must attend an eight-hour homeownership education course approved by the federal office of Housing and Urban Development.  This course will be offered by Albany County Rural Housing Alliance Inc. on Saturday, Oct. 19, from 9 a.m. to 5 p.m. at the Cohoes Senior Center (located at 10 Cayuga Plaza).

This class is designed to prepare individuals and families for the responsibilities of home ownership.  Subjects discussed include money management, how to understand lending and financing, finding your home, the loan application and closing process, preventing foreclosure, and life as a homeowner.

The fee to attend is $50 per household and includes a class manual, breakfast, and lunch.  For more information about how to enroll in the Federal Home Loan Match Savings Program or to sign up to attend the class, call Homeownership Advisor Tracy Gibeau, at 765-2425, ext. 2589.

 

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