If you think you can’t afford it, think again.

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 home buyer, for just about any kind of property that you’re considering.

 Affordable housing programs include:

  • Mortgages for modular homes or double- and single-wide mobile homes with permanent foundations on owned land 
  • Financing the purchase of raw 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. Click here for details.
  • 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 set-aside of the Affordable Housing Program ("AHP") that is designed to assist income eligible first-time home buyers in the purchase of a home in the state of NY. Assistance is provided in the form of matching funds based on the home buyer's systematic savings within a dedicated savings account, up to $7,500 based on a 4:1 match of household's savings. The 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 USDA (United States Department of Agriculture) 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 100% 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

Working with the State of New York Mortgage Agency (SONYMA), we can help you with a variety of mortgage programs for first-time homebuyers. These programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, and down payment assistance.

  • Low Interest Rate Program: SONYMA's standard mortgage program for first-time homebuyers financing purchases of an existing home, including doublewide homes on a permanent foundation.
  • Homes for Veterans Program: For U.S. military veterans and active-duty U.S. military personnel. First time homebuyer requirement is waived for eligible Veterans.
  • Achieving the Dream: Features lower interest rates than other SONYMA programs designed for lower-income first-time homebuyers.

Local affordable home loan programs
Community Bank, N.A. participates in other local affordable housing agencies in New York and Pennsylvania. 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.

We can help.
For assistance with any of these affordable home mortgage products, call or email your local mortgage banker. Or visit your local Community Bank branch.

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