• The First Home Club, Save Faster

    Eligible first-time homebuyers can earn $4 in matching grant funds (up to $7,500) for every $1 saved to use toward down payment and closing costs.

  • How to Save for Your First Home Faster

    We'’re pleased to offer the First Home Club savings program, provided by FHLB of New York, to help eligible customers save for down payment and closing costs. This program can provide grant funds of up to $7,500 through a match of $4 for every $1 you save.

    If you are accepted and enrolled into the First Home Club, a First Niagara representative will assist you with opening a dedicated First Niagara Statement Savings account. The First Home Club program requires monthly deposits into this account during a period of 10 to 24 months (see savings plans table below). To qualify for the maximum grant of $7,500 you must save at least $1,875 at the end of your savings period.

    If you stay in your home for five years, the grant is forgiven. More details are available from your Mortgage Consultant.

    Savings Plans

    When you enroll, you and your Mortgage Consultant will select a savings period option. Sample options are shown below.

    Savings Period Options Your Monthly Deposit Total Savings Grant Match Total for Down Payment/Closing Costs
    10 months $188.00 $1,880.00 $7,500 $9,380.00
    16 months $118.00 $1,888.00 $7,500 $9,388.00
    24 months $79.00 $1,896.00 $7,500 $9,396.00

    View additional savings period options


     
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    Savings Period Options Your Savings Deposits Total Savings Grant Match Total for Down Payment/Closing Costs
    10 $188.00 $1,880.00 $7,500 $9,380.00
    11 $171.00 $1,881.00 $7,500 $9,381.00
    12 $157.00 $1,884.00 $7,500 $9,384.00
    13 $145.00 $1,885.00 $7,500 $9,385.00
    14 $134.00 $1,876.00 $7,500 $9,376.00
    15 $125.00 $1,875.00 $7,500 $9,375.00
    16 $118.00 $1,888.00 $7,500 $9,388.00
    17 $111.00 $1,887.00 $7,500 $9,387.00
    18 $105.00 $1,890.00 $7,500 $9,390.00
    19 $99.00 $1,881.00 $7,500 $9,381.00
    20 $94.00 $1,880.00 $7,500 $9,380.00
    21 $90.00 $1,890.00 $7,500 $9,390.00
    22 $86.00 $1,892.00 $7,500 $9,392.00
    23 $82.00 $1,886.00 $7,500 $9,386.00
    24 $79.00 $1,896.00 $7,500 $9,396.00

    After the Closing date is set funds are distributed between financial institutions. No actual cash exchanges hands.

    Additional Options

    You may also use other first-time homebuyer programs together with the First Home Club to save even more. A First Niagara Mortgage Consultant can advise you of your options.




  • Who is Eligible?

    To be eligible for the First Home Club program, you must:

    • Be a first-time homebuyer or not owned a home in the last three years
      If you are a single parent or a displaced homemaker the three-year rule is waived.
    • Reside and purchase a home in New York or New Jersey
    • Meet income eligibility requirements
      Household income must be at or below 80% of the median income in the county you currently reside. $7,500 may be used for down payment and/or closing costs. Select your county from the table below for income limits.


    Income Eligibility Requirements

    I currently live in New York

    I currently live in
    New Jersey

    Monroe County, NY

    Household Size* Income Limit**
    1 & 2 person households $61,600
    3+ person households $70,800

    * If your household size changes during the savings period, your income will be re-evaluated to include all members of the household over 18 based on the date you opened your account

    ** This represents 80% of the median income for this county. Your income must be below this amount to be eligible for the First Home Club program.

    Albany $61,600 $70,800
    Allegany $56,320 $64,768
    Bronx $78,528 $91,616
    Broome $56,320 $64,768
    Cattaraugus $56,320 $64,768
    Cayuga $56,320 $64,768
    Chautauqua $56,320 $64,768
    Chemung $56,320 $64,768
    Chenango $56,320 $64,768
    Clinton $56,320 $64,768
    Columbia $56,320 $64,768
    Cortland $56,320 $64,768
    Delaware $56,320 $64,768
    Dutchess $82,656 $96,432
    Erie $56,320 $64,768
    Essex $56,320 $64,768
    Franklin $56,320 $64,768
    Fulton $56,320 $64,768
    Genesee $56,320 $64,768
    Greene $56,320 $64,768
    Hamilton $56,320 $64,768
    Herkimer $56,320 $64,768
    Jefferson $56,320 $64,768
    Kings $78,528 $91,616
    Lewis $56,320 $64,768
    Livingston $56,320 $64,768
    Madison $56,320 $64,768
    Monroe $56,320 $64,768
    Montgomery $56,320 $64,768
    Nassau $101,856 $118,832
    New York $78,528 $91,616
    Niagara $56,320 $64,768
    Oneida $56,320 $64,768
    Onondaga $56,320 $64,768
    Ontario $56,320 $64,768
    Orange $82,656 $96,432
    Orleans $56,320 $64,768
    Oswego $56,320 $64,768
    Otsego $56,320 $64,768
    Putnam $78,528 $91,616
    Queens $78,528 $91,616
    Rensselaer $61,600 $70,800
    Richmond $78,528 $91,616
    Rockland $97,632 $113,904
    Saratoga $61,600 $70,800
    Schenectady $61,600 $70,800
    Schoharie $61,600 $70,800
    Schuyler $56,320 $64,768
    Seneca $56,320 $64,768
    St Lawrence $56,320 $64,768
    Steuben $56,320 $64,768
    Suffolk $101,856 $118,832
    Sullivan $56,320 $64,768
    Tioga $56,320 $64,768
    Tompkins $58,240 $66,976
    Ulster $69,984 $81,648
    Warren $56,320 $64,768
    Washington $56,320 $64,768
    Wayne $56,320 $64,768
    Westchester $102,240 $119,280
    Wyoming $56,320 $64,768
    Yates $56,320 $64,768
    Atlantic $71,520 $82,248
    Bergen $75,680 $87,032
    Burlington $71,520 $82,248
    Camden $71,520 $82,248
    Cape May $71,520 $82,248
    Cumberland $71,520 $82,248
    Essex $72,560 $83,444
    Gloucester $71,520 $82,248
    Hudson $71,520 $82,248
    Hunterdon $84,000 $96,600
    Mercer $76,560 $88,044
    Middlesex $84,000 $96,600
    Monmouth $73,360 $84,364
    Morris $72,560 $83,444
    Ocean $73,360 $84,364
    Passaic $75,680 $87,032
    Salem $71,520 $82,248
    Somerset $84,000 $96,600
    Sussex $72,560 $83,444
    Union $72,560 $83,444
    Warren $71,520 $82,248



  • How Do I Get Started?

    1. Contact a Mortgage Consultant to apply for the First Home Club.
      The Mortgage Consultant will ask that you bring:
      • 30 days of pay verification (paystubs, sch. C, SSI, etc.)
      • Last 2 years' FEDERAL tax returns
      • Last 2 years' W2s for all employment
      • Alimony and Child Support information (if applicable)
       
    2. Sign the First Home Club Enrollment Terms & Conditions which outlines the program requirements.
    3. Open a First Home Club dedicated savings account.
      Upon First Home Club enrollment and approval, you will open a First Niagara Statement Savings account dedicated to obtaining your First Home Club savings goal.
    4. Complete a First Home Club homebuyer counseling course.
      The course will cover all your first-time homebuying questions and help prepare you for purchasing your first home. This course must be completed prior to the end of your savings period.
    5. When you are nearing your savings goal, you can begin your home search and prequalify for a mortgage.
      Your Mortgage Consultant will guide you through this process, as well as the entire mortgage application.
    6. Qualify for and obtain mortgage financing from First Niagara at the end of your savings term.
      Eligible properties include one- to four-family homes, approved co-ops and condos. Note that at closing, you must sign a subordinate mortgage for the First Home Club grant. Your grant term is forgiven after five years; however, if your home is sold prior to five years, you will have to repay a portion of the grant.

    Once accepted into the program, you have up to three years from the date you started saving to use the First Home Club grant.

    Contact a Mortgage Consultant with questions about the First Home Club program.

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