FHC Information for First-Time Homebuyer

Potential Homebuyers may enroll in the First Home Clubsm (FHC) at any time with an approved FHLBNY member community lender. The Homebuyer must participate in the program for a minimum of 10 months of systematic savings, up to a maximum of 24 months. In order to participate and enroll in the FHC, the potential homebuyer must meet the following preliminary qualifications:

  • Meet the definition of first-time homebuyer in the Program Guidelines
  • Reside and purchase their home within HLB's district area (New Jersey, New York, Puerto Rico, or 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 minimum of 10 months
  • Complete a 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 FHLBNY's FHC.

FHC Success Stories

First Home Clubsm Recipient Spotlight
Member: The Summit Federal Credit Union
Recipients: Darlyn Colon

Family Realizes Their Home Ownership Dream
Member: Ulster Savings Bank
Recipients: The Brehse Family

› Other Success Stories