The City of Albany, the Mortgage Bankers Association, two banks, and Fannie Mae have teamed up to create a loan fund for first-time homebuyers to cover down payments and closing costs.

The program provides borrowers with second mortgages ranging from $2,000 to $5,000. To qualify, homebuyers must get a first mortgage on a home in Albany, either through a government homebuyer's assistance program or from a conventional lender.

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