Home Loan Bank Member Information

 

A stockholder member may participate in the Home Loan Bank of New York's First Home Club to enroll first-time homebuyers by registering for approval at anytime with the Home Loan Bank. Once the member is an approved First Home Clubsm member participant, the member may enroll pre-qualified first-time homebuyers in the First Home Club on an ongoing basis. The member submits the names of the enrolled households to the HLB during designated Enrollment Periods as announced by the Home Loan Bank.

 

The enrolled households must participate in the program for a minimum of 10 months, up to a maximum of 24 months. In order for the member to enroll potential homebuyers in the First Home Clubsm, the member must approve the household based on the following 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)
  • Determine if the household would qualify to obtain permanent financing from the approved member

 

Household must meet the following requirements:

  • Determine an affordable schedule of savings and open savings account with an approved member
  • Complete an approved Homebuyer Counseling program
  • Execute the First Home Clubsm Enrollment Terms and Conditions (PDF)
  • Agree to sign at the time of closing a subordinate mortgage with the member for the subsidy funds for a 5-year term

 

Advantages and Benefits of the First Home Clubsm:

  • Homeownership opportunities in members' communities
  • Residential Lending Opportunities
  • Increase banking relationships
  • Increase deposits
  • Partner with Non-profit Housing Counseling Providers
  • Enhance public relations
  • Enhance CRA credit

 

If members of the Home Loan Bank of New York interested in becoming a First Home Clubsm approved participant must satisfactorily complete the First Home Clubsm Lender's Application and submit the required attachments. Further details on the program may be explained by reviewing the First Home Club's Program Guidelines.

 

For further assistance you may contact a Calling Officer at (212) 441-6700 or the First Home Club department at (212) 441-6850. You may also e-mail the First Home Club department at fhc@fhlbny.com.

 

Member Information and Program Updates

 

 
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