Adirondack Country Homes Realty Inc.


Adirondack Country Homes Realty Inc.

   Serving the "Entire" Adirondack Park with offices at:

         Schroon Lake Region (Main Office):  PO 488, 1098 US Route 9, Schroon Lake, NY 12870 * 518.532.7900

         High Peaks Region/Auction Sales:  2918 US Route 9, North Hudson, NY 12855 * 518.532.9323

         Lake Champlain Region:  25 Munsey Way, Elizabethtown NY  12932  * 518.569.8884

         Lake George:  2022 State Route 9, Lake George, NY 12845  *  518.668.2677

         North Country Region:  113 Flynn's Line Road, Burke, NY 12917  * 518.483.4538 

         Speculator Region:  Route 30, Speculator, NY 12164  *  518.569.8884  

         Washington Country Region:  4156 County Route 30, Salem, NY 12865 * 518-584-3294




USDA Rural Development Program - Fact Sheet




Low/moderate income households that can afford the monthly mortgage payments; however, do not have adequate funds available for down payment or closing costs.  Available to eligible applicants in rural areas




1)  Do not currently own an adequate dwelling in the local commuting area

2)  Will be the owner occupant

3)  Household income must be within the income limits (see limits below)

4)  Must have acceptable credit history

5)  Must have adequate and dependable income sufficient to meet all obligations

6)  Must be a citizen or legally admitted to the United States for permanent residence.


Loan Purpose:


Assist low and moderate income applicants through the guarantee of loans made by conventional lenders for homes in eligible rural areas.  Closing costs may be included in the acquisition of modest single family homes, new or existing financed, if the appraisal supports it.


Eligible Area: 


The following counties in New York State contains NO ineligible property areas:  Allegany, Cattaraugus, Chenango, Columbia, Delaware, Essex, Franklin, Genesee, Hamilton, Herkimer, Lewis, Livingston, Orleans, Otsego, Putnam, Schoharie, Schuyler, Seneca, St. Lawrence, Steuben, Sullivan, Tioga, Washington, Wayne, Wyoming, and Yates.


Minimum Adequate Site:


The value of the site must not exceed 30 percent of the total value of the property.


Prohibited Uses:


1)  Purchase of existing manufactured housing (mobile homes).  2)  Purchase income producing properties.




1) Private water.  2) Inspection certifications completed by lender's appraiser. 3) Dwelling must meet current HUD Handbook 4150.2 and 4905.1 Standards (note:  thermal inspections no longer required)


Loan Terms:


30 years (360 monthly payments)




Fixed - the lender's maximum interest rate must not exceed the higher of the current VA rate or Fannie Mae's required net yield for 90-day commitments on 30-year fixed-rate mortgages with actual/actual remittance plus 60 basis points.


Loan Amount:


Loan amount can not exceed 102% of the appraised value of the property.  (Note:  appraised value may be exceeded by the amount of guarantee fee financed.)


Loan Mortgage Amount:


None.  Applicant's income and loan repayment ability will dictate the maximum loan amount.  Mortgage insurance no required.


Guarantee Fee:


2% of the Loan Amount


Repayment Ability:


1)  PITI (Principal, Interest, Taxes and Insurance) does not exceed 29% of gross income

2)  TD (Total Debt) does not exceed 41% of gross income  (Note:  ratios above 29/41% can be exceeded with above average credit scores)



Guaranteed Rural Housing Income Limits  (eff. 4/20/200)

Household Size


Adjusted Income Limit **





Albany, Rensselear, Saratoga, Schenectady and Schoharie Counties



Columbia County



Dutchess, Orange Counties



Suffolk County



Putnam County



Westchester County



Tompkins County



Livingston, Monroe, Ontario, Orleans and Wayne Counties



Ulster County



All Other Counties *




* Allegany, Broome, Cattaraugus, Cayuga, Chautaugua, Chemung, Chenango, Clinton, Cortland, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Niagara, Oneida, Onondaga, Oswego, Otsego, St. Lawrence, Schuyler, Seneca, Steuben, Sullivan, Tioga, Warren, Washington, Wyoming & Yates

** Household income must be within the above listed income guidelines after applicable deductions.  DEDUCTIONS:  (from the annual gross income of all adult household members)  1) $480 deduction for each child in the household under the age of 18.  100% of child care costs for minors 12 years or age or under.  2)  $480 deduction for each disabled/handicapped adult (other than the applicant).  3)  $480 deduction for full time adult students.  4)  $400 for elderly household.  5) Medical expenses greater than 3% of the gross annual income (applicable to elderly households only)


For additional information on income and property eligibility, log on to the USDA web site (click here) and follow the links:  Housing & Community Facilities, Income & Property Eligibility and Single Family Housing.  Our agents are standing by to assist you search for your new country home.  We invite  you to participate in our Buyer's Agency Program to find the right match for your family.  E-mail us direct!


Want to Apply for the Program?  

Contact us to hook you up with a list of Mortgage Officers

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