SCHENECTADY — Saratoga National Bank has rolled out new initiatives to promote home purchasing in the city.
The first is an incentive that offers 100 percent financing and no down payment.
Eliminating down payments affords buyers an opportunity to steer those funds into home improvements and renovations, said Phillip Carr, a Saratoga National Bank mortgage professional.
Another promotion geared toward first-time homeowners requires a minimum of 3 percent down payment, with the bank waiving the mortgage insurance payments.
“They don’t have to worry about that monthly mortgage insurance expense,” Carr said at a press conference at City Hall on Thursday.
The offer may appeal to college graduates still grappling with heavy student loan debts.
Building equity is more financially beneficial than renting, said Barry Griggs, a real estate salesperson with Berkshire Hathaway.
Both incentives would be applicable to both one- and two-family homes.
OPEN HOUSE UPCOMING
The incentives are part of the city's Homeownership Made Easy in Schenectady (HOMES) program, which offers funding assistance for first-time homebuyers who purchase vacant homes in the city.
HOMES will host the first city-wide open house of the year on Sunday, from 11 a.m. to 3 p.m. at various residences around the city.
Mayor Gary McCarthy said the partnership between real estate agents, lenders, community groups and other real estate professionals has produced “real results."
City officials have said promoting local home ownership through the program is critical to stabilizing neighborhoods and reducing the glut of vacant or abandoned properties.
Listings will be made available in Sunday’s Daily Gazette.
For additional information about HOMES, visit callschenectadyhome.com or contact Homeownership Coordinator Matthew Smith at (518) 382-5199 ext. 5393, or [email protected]
OPEN HOUSE FEATURED PROPERTIES
The following properties will be featured in this Sunday’s open house:
- 814 Rankin Ave.
- 1143 Garner Ave.
- 320 Gifford Road.
- 1756 Eastern Pkwy.
- 1128 Helderberg Ave.
- 3254 Albany St.