First-time homebuyers Arthur, Leslie, and Alyssia Williams

We offer low-interest loans to first-time homebuyers who want to buy a home in the City of Ithaca. Our low-cost loans are combined with market-rate loans from participating local banks to create a very affordable blended interest rate.

These programs are designed to help overcome the two biggest barriers to homeownership: the need to save a lot of cash for down payment and closing costs and the difficulty in qualifying for bank loans. Our loans feature low down payments, low closing costs, low interest rates and flexible qualifying standards.

INHS loans can be used to help purchase one- or two-family homes; assist with down payment or closing costs; or pay for the renovation of newly purchased homes.

We have two different loan programs. To find the program that is most suitable to you, use the table below.

INHS Loan Programs

	First Home	City Advantage
Type of Loan	Fixed-rate loan for down payment, closing costs and renovations.	Fixed rate loan for down payment, closing costs and renovations.
Loan Package	INHS lends btween $20,000 and $30,000. Lending partners lend the remainder of the purchase price.	INHS lends up to 18% of the purchase price plus closing costs. Lending partners lend the remainder of the purchase price.
Interest Rate	Up to $20,000 at 0% deferred; remainder at a fixed rate of 5% per year.	Fixed rate of 5% to per year.
Eligible Properties	Owner occupied one to two family homes in the city of Ithaca.	Owner occupied one- to four- family homes in the city of Ithaca.
Minimum Down Payment	$1,000.00	2% of purchase price.
Income Eligibility	Household income cannot exceed First Home income guidelines. See table below.	Household income cannot exceed City Advantage income guidelines. See table below.

Eligibility for INHS loan products is limited to households earning less than the income limits shown below. These limits are based on the combined annual income of all household members and vary according to the number of people in each household.

Maximum Annual Income for INHS Loan Programs

Household Size	First Home	City Advantage
1	$40,200	$57,800
2	$46,000	$66,100
3	$51,700	$74,300
4	$57,500	$82,600
5	$62,000	$89,200
6	$66,700	$95,800
7	$71,300	$102,400

Even if you don't fit into these income guidelines, contact INHS for assistance. We have excellent relationships with many lenders and can help you find many sources for home purchase loans.

Questions?
Please contact Diana Garcia at dgarcia@ithacaNHS.org

INHS is supported, in part, by private contributions, Neighborhood Reinvestment Corporation, New York State, the City of Ithaca, the City of Ithaca's Community Development Small Cities Block Grant and Tompkins County.