• 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 Companion Savings account. The First Home Club program requires monthly deposits into this account during a period of 10 to 18 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
    14 months $134.00 $1,876.00 $7,500 $9,376.00
    18 months $105.00 $1,890.00 $7,500 $9,390.00

    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

    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   $62,640 $72,036
    Allegany   $55,600 $63,940
    Bronx   $80,544 $93,968
    Broome   $55,600 $63,940
    Cattaraugus   $55,600 $63,940
    Cayuga   $55,600 $63,940
    Chautauqua   $55,600 $63,940
    Chemung   $55,600 $63,940
    Chenango   $55,600 $63,940
    Clinton   $55,600 $63,940
    Columbia   $59,200 $68,080
    Cortland   $55,600 $63,940
    Delaware   $55,600 $63,940
    Dutchess   $79,776 $93,072
    Erie   $55,600 $63,940
    Essex   $55,600 $63,940
    Franklin   $55,600 $63,940
    Fulton   $55,600 $63,940
    Genesee   $55,600 $63,940
    Greene   $55,600 $63,940
    Hamilton   $55,600 $63,940
    Herkimer   $55,600 $63,940
    Jefferson   $55,600 $63,940
    Kings   $80,544 $93,968
    Lewis   $55,600 $63,940
    Livingston   $55,600 $63,940
    Madison   $55,600 $63,940
    Monroe   $55,600 $63,940
    Montgomery   $55,600 $63,940
    Nassau   $100,896 $117,712
    New York   $80,544 $93,968
    Niagara   $55,600 $63,940
    Oneida   $55,600 $63,940
    Onondaga   $55,600 $63,940
    Ontario   $55,600 $63,940
    Orange   $79,776 $93,072
    Orleans   $55,600 $63,940
    Oswego   $55,600 $63,940
    Otsego   $55,600 $63,940
    Putnam   $80,544 $93,968
    Queens   $80,544 $93,968
    Rensselaer   $62,640 $72,036
    Richmond   $80,544 $93,968
    Rockland   $96,192 $112,224
    Saratoga   $62,640 $72,036
    Schenectady   $62,640 $72,036
    Schoharie   $62,640 $72,036
    Schuyler   $55,600 $63,940
    Seneca   $55,600 $63,940
    St Lawrence   $55,600 $63,940
    Steuben   $55,600 $63,940
    Suffolk   $100,896 $117,712
    Sullivan   $55,600 $63,940
    Tioga   $55,600 $63,940
    Tompkins   $63,040 $72,496
    Ulster   $57,040 $65,596
    Warren   $55,600 $63,940
    Washington   $55,600 $63,940
    Wayne   $55,600 $63,940
    Westchester   $99,552 $116,144
    Wyoming   $55,600 $63,940
    Yates   $55,600 $63,940
    Atlantic   $71,120 $81,788
    Bergen   $74,960 $86,204
    Burlington   $71,120 $81,788
    Camden   $71,120 $81,788
    Cape May   $71,120 $81,788
    Cumberland   $71,120 $81,788
    Essex   $73,200 $84,180
    Gloucester   $71,120 $81,788
    Hudson   $71,120 $81,788
    Hunterdon   $83,120 $95,588
    Mercer   $77,600 $89,240
    Middlesex   $83,120 $95,566
    Monmouth   $73,360 $84,364
    Morris   $73,200 $84,180
    Ocean   $73,360 $84,364
    Passaic   $74,960 $86,204
    Salem   $71,120 $81,788
    Somerset   $83,120 $95,588
    Sussex   $73,200 $84,180
    Union   $73,200 $84,180
    Warren   $71,120 $81,788



  • 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 Companion 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 two 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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