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  • 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   $66,160 $76,084
    Allegany   $57,600 $66,240
    Bronx   $84,848 $96,656
    Broome   $57,600 $66,240
    Cattaraugus   $57,600 $66,240
    Cayuga   $57,600 $66,240
    Chautauqua   $57,600 $66,240
    Chemung   $57,600 $66,240
    Chenango   $57,600 $66,240
    Clinton   $57,600 $66,240
    Columbia   $59,920 $68,908
    Cortland   $57,600 $66,240
    Delaware   $57,600 $66,240
    Dutchess   $83,232 $97,104
    Erie   $57,600 $66,240
    Essex   $57,600 $66,240
    Franklin   $57,600 $66,240
    Fulton   $57,600 $66,240
    Genesee   $57,600 $66,240
    Greene   $57,600 $66,240
    Hamilton   $57,600 $66,240
    Herkimer   $57,600 $66,240
    Jefferson   $57,600 $66,240
    Kings   $82,848 $96,656
    Lewis   $57,600 $66,240
    Livingston   $57,600 $66,240
    Madison   $57,600 $66,240
    Monroe   $57,600 $66,240
    Montgomery   $57,600 $66,240
    Nassau   $104,640 $122,080
    New York   $82,848 $96,656
    Niagara   $57,600 $66,240
    Oneida   $57,600 $66,240
    Onondaga   $57,600 $66,240
    Ontario   $57,600 $66,240
    Orange   $83,232 $97,104
    Orleans   $57,600 $66,240
    Oswego   $57,600 $66,240
    Otsego   $57,600 $66,240
    Putnam   $82,848 $96,656
    Queens   $82,848 $96,656
    Rensselaer   $66,160 $76,084
    Richmond   $82,848 $96,656
    Rockland   $94,848 $110,656
    Saratoga   $66,160 $76,084
    Schenectady   $66,160 $76,084
    Schoharie   $66,160 $76,084
    Schuyler   $57,600 $66,240
    Seneca   $57,600 $66,240
    St Lawrence   $57,600 $66,240
    Steuben   $57,600 $66,240
    Suffolk   $104,640 $122,080
    Sullivan   $57,600 $66,240
    Tioga   $57,600 $66,240
    Tompkins   $61,760 $71,024
    Ulster   $60,160 $69,184
    Warren   $57,600 $66,240
    Washington   $57,600 $66,240
    Wayne   $57,600 $66,240
    Westchester   $101,472 $118,384
    Wyoming   $57,600 $66,240
    Yates   $57,600 $66,240
    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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