Before you dig in — a word from Brian
“Cohoes is the cheapest way into Albany County, and half the good deals are two-families that pay part of your mortgage for you.”
Brian MarchandSr. Loan Consultant · NMLS #481563
The lender who actually answers - and gets it closed. From two-family buyers in the Spindle City to first-timers on the hill, Brian Marchand makes the mortgage the easy part.
“Cohoes is the cheapest way into Albany County, and half the good deals are two-families that pay part of your mortgage for you.”
Brian MarchandSr. Loan Consultant · NMLS #481563
Program guidelines on this page last verified . Guidelines, limits and program terms change — verified figures are current as of that date, not a commitment to lend.
Buying or refinancing in Cohoes shouldn't mean giving up when a file gets complicated. Brian Marchand has helped buyers across Albany County - from first-time buyers on the hill to investors financing two- and three-family houses near the falls.
Cohoes housing stock is mostly pre-1940, which means condition and program choice decide whether a repair list is a delay or a non-issue. That is a conversation worth having before you write the offer.
Been told “no” somewhere else? That’s exactly where Brian goes to work. Second opinions welcome.
An entry price unlike anywhere else in Albany County, a city school district, and a housing stock built long before minimum property standards existed.
Cohoes has real supply of two- to four-unit houses, and on an owner-occupied purchase a portion of the market rent can typically count toward qualifying income. The appraiser completes a rent schedule to support it. It is one of the most effective ways to buy here on a modest income - see conventional and FHA multi-unit options.
Most of the city was built before 1940. FHA and VA carry minimum property standards, so peeling paint, an aging roof or a health-and-safety item becomes a condition of closing. Conventional is more forgiving, and renovation financing can fold the work into the loan.
The Spindle City, where the Mohawk meets the Hudson - mill-era housing, a revived downtown, and the lowest entry prices in Albany County, fifteen minutes from downtown Albany.
Neighborhoods & areas: Downtown Cohoes · The Hill · Harmony Mills · Van Schaick Island · Waterford line
Population is a U.S. Census figure for Cohoes. USDA eligibility is set by address and the maps change. For general reference only.
The school districts, the programs that can shrink your out-of-pocket, and the details worth handling before you make an offer.
Cohoes City School District serves the city, with a handful of outlying addresses toward Waterford-Halfmoon or North Colonie.
Brian works with 3% & 5%-down conventional, FHA (3.5% down), zero-down VA, plus renovation financing for the older stock, and SONYMA first-time-buyer loans with down-payment assistance. First-time buyer? He’ll line up every credit you’re eligible for.
The Spindle City, where the Mohawk meets the Hudson — dense mill-era housing and real two-family supply.
Cohoes packs a lot into a small footprint: canal-era frame houses on tight lots, brick two-and-three-family buildings from the textile years, and the Harmony Mills conversions that turned industrial space into residential. Public water and sewer throughout. Lot lines are narrow and buildings sit close, which matters for both appraisal comparables and insurance.
On FHA and VA files, defective paint on a home built before 1978 has to be addressed before closing, and on FHA the correction has to be done in a lead-safe manner rather than simply painted over. On dense pre-war stock that shows up regularly. It is a repair condition with a specific standard, not a judgment call by the appraiser.
Two units underwrite much like a single-family. Three and four are different: FHA applies a self-sufficiency test where the property's rent must cover the entire payment on its own, and it requires three months of that payment in reserves after closing — in your own funds, which means gift money cannot satisfy it. Buyers find that out late.
A parcel can have taken water without sitting in a mapped zone, and it can sit in a zone and never have flooded. The map drives the insurance requirement; the history drives your actual risk. Ask the seller directly, ask the neighbors, and look at the basement — then decide whether you want coverage the lender is not requiring.
Brian and his team were awesome and really helped me with a pretty complicated process. Can’t recommend them enough!
Brian explained everything well, was very thorough, and always answered my questions quickly. I would recommend him to everyone.
I highly recommend Brian. He consistently provides a five-star mortgage experience for my clients - quick response and deep knowledge.
Verified reviews from Google, Zillow, Facebook & Experience.com · See all 169 reviews →
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Brian Marchand · Sr. Loan Consultant, New American Funding · NMLS #481563
Works on mortgages for buyers and homeowners in Cohoes and the Capital Region. Licensed in New York State. New American Funding, NMLS #6606 · 18 Computer Dr E, Suite 103, Albany, NY 12205.