How Do I Qualify for HOME Rochester?
HOME Rochester is a program that serves income-qualified, first-time homebuyers in the City of Rochester.
ALL BUYERS MUST:
- Meet income requirements (see table below).
- Be first-time homebuyers.
- Get qualified through the City of Rochester.
- Complete Pre and Post-purchase counseling.
- Utilize a participating bank and qualify for a conventional, fixed-rate mortgage. Please see ‘Partners’ for a list of participating banks.
- Contribute $1,500 to the equity of the home by closing.
- Be able to maintain residency for 15 years.
Income and Household size requirements
Homes in the HOME Rochester program are sold mainly to families with income below 80% Area Median Income (AMI), but occasionally go up to 120% AMI. Please see the chart below to determine your AMI.
Fiscal Year (FY) 2019
HUD Regulations, Median Family Income (MFI) Income Limits
Rochester, NY MSA- MFI $75,700/family of 4
For each person in excess of eight, the four-person income limit should be multiplied by an additional eight percent (.08).
Sources: 1. https://www.huduser.gov/portal/datasets/il/il2019/2019MedCalc.odn and
2. https:/onecpd.info/resource-library/home-income-limits/ for HOME 60% eligible activities by June 2019
3. City of Rochester for MFIs of 65%, 90%, 100%, 115% and 120% MFI
June 28, 2019 for all non-HOME funded HUD activities and 30,50,80,100% MFI
June 28, 2019 for HOME 60% funded HUD activities until new numbers released
Home Rochester Application
Once qualified, buyers can request to be put on a waiting list for upcoming HOME Rochester homes or write a purchase offer on a home of interest.