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 institution. 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:
- Must meet the Definition of First Time Homebuyer
- Meet the Income Guidelines (Households with incomes at or below 80% of the area median income)
- Agrees to make systematic deposits into a dedicated savings account with the member bank for a period of 10-24 months
- Complete an approved Homebuyer Counseling program
- Execute the First Home Club Enrollment Terms and Conditions (PDF)
- Qualify and obtain mortgage financing from the approved member
- Agree to execute, at the time of closing, a subordinate mortgage with the member bank for the 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