FHA, VA, Conventional, USDA, and SONYMA each treat first-time buyers differently — down payment, income limits, and eligibility all vary. Here's what applies in Niskayuna.
No income limits, most accessible entry point.
Zero down if you qualify for either program.
HomeReady/Home Possible discount MI if income-eligible.
Forgivable down-payment help if you qualify by county income.
A sought-after Schenectady County suburb known for top-rated schools, leafy neighborhoods and an easy commute to GE, downtown Schenectady and the wider Capital Region. Strong ownership and steady values make it a favorite for both first-time and move-up buyers - and Brian knows the local market street by street. First-time buyers in Niskayuna have real options beyond the standard 20%-down myth — most close with 0-3.5% down.
Full FHA, VA, Conventional, USDA, SONYMA, Non-QM, Jumbo, and Land Loan detail lives on the First-Time Buyers page — here's the quick comparison.
| Program | Down payment | Income limit |
|---|---|---|
| FHA | 3.5% (580+ FICO) | None |
| VA | 0% | None — veterans/spouses only |
| Conventional | 3% | None standard; HomeReady/Home Possible has limits |
| USDA | 0% | 115% of Area Median Income |
| SONYMA | 1% of own funds + DPAL | County-specific — waived for veterans/Targeted Areas |