FAQs
Purchasing a home for the first time is both exciting and liberating. It can also come with many questions. At the Nest Egg Fund, we’re committed to helping you feel confident as you take this important step toward owning your future. Many of the questions you may have can be answered below, but if not, reach out to a member of our team to learn more.
What is the Nest Egg Fund?
The Nest Egg Fund helps lower income communities build a foundation of intergenerational wealth and financial well-being, primarily through home ownership. We first time homebuyers access to no interest down payment funds that can be used toward the purchase of a new home.
Who are the approved mortgage lenders?
Yes, there are currently three approved mortgage lenders working with the Nest Egg Fund.
The Nest Egg Fund also partners with Business For Good, a non profit foundation with extensive experience in community development projects that support lower income families. As more and more first-time homebuyers begin their journey to wealth, the Nest Egg Fund’s managers are excited to welcome new lenders and partners.
Do you have a preferred home closing law firm available for assistance?
The Nest Egg has partnered with Wallace Turner Law in Albany, NY. Wallace Turner Law has extensive experience in home closings with lower income families throughout the Capital Region
In what counties can I purchase a home with the Nest Egg Fund?
Initially, In order to use the Nest Egg Fund, homebuyers must purchase homes within the five county Albany metro area – Albany, Schenectady, Rensselaer, Washington, and Saratoga counties.
Can I combine the Nest Egg Fund with other down payment assistance programs or grants?
Yes, homebuyers can use the Nest Egg Fund with other down payment assistance programs and/or grant programs.
Why is this not a grant, but a loan?
The goal of the program is to provide a meaningful amount of capital toward a down payment on a home in the Capital Region's competitive market. To help homeowners generate their own personal wealth and make it possible for others in the community to do the same, homeowners return the initial down payment to the Nest Egg Fund when they have seen the value of the home increase and choose to sell, refinance or transfer the property or when the property is no longer their primary residence.
When are homeowners required to pay back the down payment?
The initial down payment support is due immediately upon sale, transfer or refinance, or when the home is no longer your primary residence.
The down payment also carries a 15-year term, which is standard for other down-payment programs. However, if the homebuyer has not refinanced or sold the home within 15 years and continues to live in the home, we can extend the term to accommodate that. On an average, a typical homeowner refinances their home in 5-7 years, based on national and Capital Region level mortgage data.
What is the significance of the name Nest Egg?
A Nest Egg s a substantial sum of money or other assets that have been saved or invested for a specific purpose. Such assets are generally earmarked for longer-term objectives, the most common being retirement, buying a home, and education
It is a well-known fact that most Americans don’t begin to save enough for retirement, but owning a home effectively forces them to save by virtue of making mortgage payments every month.
These forced retirement/nest egg/mortgage payments are even more beneficial when you take into account that they are usually replacing rent payments that build up no equity or retirement nest eggs.
The average net worth of Americans who own homes is $1.1 million. The average net worth of Americans who don’t own homes is about $96,000
Who is behind the Nest Egg Fund?
The Nest Egg Fund was established by Ed and Lisa Mitzen, co-founders of Business For Good. Learn more about Business For Good's mission