First Home Club Matched Savings Program
The First Home Club matched savings program is available for prospective home buyers in New Jersey and New York State. Financed by the Federal Home Loan Bank of New York, this program allows qualified first-time home buyers to earn $4 in grant monies for every $1 saved over a 10 to 24 month period. As a result, potential home owners can obtain a maximum grant of $7,500 for opening an account at banks offering this program and save $1,875 through regular monthly installments. At the conclusion of the program, the applicant/depositor will have funds totaling as much as $9,375 to go towards the down payment and closing costs for the purchase of a home.
Highlights of the program:
- First-time homebuyer. A first-time buyer is defined as anyone who has not owned a home for three (3) years. Single parents and displaced homemakers who owned or resided in a home with a spouse during the last three years are also first-time home buyers.
- Maximum Grant. The maximum grant allowed is $7,500. This means that the $4 matching funds will be provided for the first $1,875 saved.
- Length of the plan. The length of the savings plan runs from 10 to 24 months.
- Income limits*. To qualify, your annual household income must be at or below the Mortgage Revenue Bond income limit in the New York State County where the you currently reside.
- Home Buyer Education. You must complete a homebuyer education course from a bank approved counseling provider before the mortgage commitment expires. This program assists first-time home buyers in the areas of financial planning, monthly budgeting, the home buying process and other related topics.