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Affordable Housing Programs

Let’s talk it over. You may be able to afford your own home after all. We can help you access a number of government-sponsored and other affordable housing programs designed for the non-traditional homebuyer, for just about any kind of property you’re considering.

Affordable housing programs include:
  • Mortgages for modular homes or double- and single-wide mobile homes with permanent foundations on owned land.
  • No closing cost mortgage options, ideal for first-time homebuyers and those with limited savings. Whether your household is expanding or you want to upgrade your living space, the savings can add up to thousands of dollars.
  • HomeReady® from Fannie Mae offers expanded eligibility and is designed for creditworthy low- to moderate-income borrowers. It allows co-borrowers who don’t live in the home, such as parents, relatives or others who want to help, to be included on the mortgage. You can get started with a down payment as low as 3%, and the down payment and closing costs can be paid from sources other than your own funds.
  • The Federal Home Loan Bank of New York’s (FHLBNY) First Home Club (FHC) is a set-aside of the Affordable Housing Program (AHP) to assist income-eligible first-time homebuyers in the purchase of a home in the state of NY. Assistance is provided in the form of matching funds based on the homebuyer’s systematic savings within a dedicated savings account, up to $7,500 based on a 4:1 match of household savings. FHLBNY’s matching funds may be used toward the down payment and/​or closing costs for the purchase of a home.
USDA Loans

These government-backed loans are primarily intended to help lower-income individuals or households purchase homes in rural areas. Significantly, USDA loans offer 100% financing to qualified buyers and allow for all closing costs to be either paid for by the seller or financed into the loan. To qualify, properties must be located within the United States Department of Agriculture (USDA) RD Home Loan footprint.” The funds may be used to purchase an existing single-family dwelling. Talk to a Community Bank mortgage specialist to determine if you or your intended property qualify. Income and other limitations may apply. Call or email your local mortgage banker or stop into your local Community Bank branch.

Key Features:

  • Zero down payment
  • For owner-occupied and single-family homes
  • Property must be in eligible rural area (as defined by USDA)
  • Up to 102% loan-to-value ratio
  • Seller can contribute up to 6% of sales price to be used for closing costs and pre-paid interest and tax escrows
  • Income and other limitations may apply
Local Affordable Home Loan Programs

Community Bank, N.A. participates in other local affordable housing agencies in New York, Pennsylvania and Vermont. In conjunction with these programs, borrowers may qualify for a Community Bank, N.A. Affordable Loan. This product does not require mortgage-related closing costs to be paid by the borrower and offers an interest rate below the bank’s standard no closing cost mortgage loan.

Mortgage Bankers Near You

For team members in your area,
select your nearest CBNA location.
Contact your local mortgage banker
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Mortgages
Save on your new home from day one

With a no closing cost mortgage, you can save thousands of dollars in upfront expenses.

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Loan Options
Put your home’s equity to work

Home equity loans are a smart way to pay for major home improvements, renovations and upgrades.

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