First Time Homebuyer Information
Potential Homebuyers may enroll in the First Home Clubsm at any time with an approved Home Loan Bank of New York member. The Homebuyer must participate in the program for a minimum of ten months of systematic savings, up to a maximum of 24 months. In order to participate and enroll in the First Home Clubsm, the potential homebuyer must meet the following preliminary qualifications:
- Meet the Definition of First Time Homebuyer
- Reside and purchase their home within HLB's district area (New Jersey, New York, Puerto Rico and the U.S. Virgin Islands)
- Gross household income is 80% or less of the area median income as defined in the Program Guidelines
- Open a dedicated savings account with an approved member and agree to save systematically on a monthly basis for a period of 10-24 months
- Complete an approved homebuyer counseling program
- Execute the FHC Enrollment Terms & Conditions Agreement (FHC-104)
- Obtain mortgage financing from the member
- At closing, execute a subordinate mortgage for subsidy funds for a 5-year term
If you are interested in participating in the program, contact one of the approved Members so that they can determine eligibility and enroll you in the Home Loan Bank of New York's First Home Clubsm