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 several different loan programs; eligibility is based on your income. To learn which of our current programs is most
suitable for you, contact our loan department.
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.
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