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.
When you enroll, you and your Mortgage Consultant will select a savings period option. Sample options are shown below.
View additional savings period options
After the Closing date is set funds are distributed between financial institutions. No actual cash exchanges hands.
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.
To be eligible for the First Home Club program, you must:
* 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.
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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