First Home Club is a “Matched Savings” provided by the Federal Home Loan Bank of New York (FHLBNY) and Olean Area FCU that helps you increase your down payment and closing cost budget up to $7,500!
It’s easy, simply meet with a credit union lender to determine if you meet the eligibility guidelines listed below, then open a First Home Club Savings Account and make agreed upon monthly deposits to your savings account for a minimum of 10 months to a maximum of 18 months. Your deposits will be matched 4 to 1, up to a maximum of $7,500. These funds must be used for down payment and closing costs for the purchase of your new home.
To qualify, you must meet the following guidelines:
• be a first-time home-buyer as defined by FHLBNY*
• reside and purchase your home in New York State after the minimum 10 months but before 24 months
• meet gross household income guidelines of 80% or less of the area median income (at application). As of 3/1/17, a 1-2 person max household income = $57,840; a 3+ person max household income = $66,516 (income guidelines are subject to change at any time).
• open a First Home Club savings account and agree to save a specified dollar amount each month for a minimum of 10 months to a maximum 18 months • complete a home-buyer counseling program
• receive mortgage pre-qualification financing from the credit union
At closing, a five-year subordinate mortgage will be filed against the property in the amount of the matched funds. After five years, the mortgage will be discharged.
Link to FHLBNY