FIRST HOME CLUB
First Home Club (FHC) is a matched savings plan from the Federal Home Loan Bank of New York. As with all grants there are income limitations. At this time, on Long Island, income for household of 2 is $101,952 and for 3 or more $118,944. If you live within NYC limits the income limits for 2 is $86,976 and for 3 or more is $101,472. You will save a total of $1,875 and get matched $4 to $1 which means you will get $7,500 at your closing from the bank you opened your First Home Club savings account with. The 3 banks who are participating are:
THIS IS THE BANK YOU WILL GET YOUR MORTGAGE FROM. The minimum term is 10 months and the maximum is 18 months. You have 2 years from when you open your account to purchase your home.
All the income of everyone in the household must be included on your application - whether they will be on the mortgage or not since grants are based on household income.
You cannot be a student at the time of application nor have been a student within the past 2 years, unless it was continuing education.
You must have a 2 year history of working full time in order to apply.
In order to apply you must complete an enrollment package and return it to Long Island Housing Partnership. It will be reviewed and sent to the bank of your choice for final approval. Once you are approved by the bank they will notify us and we will then notify you. At that time, you will go open the designated First Home Club savings account at the branch you choose.
First Home Club requires you to attend a 6 hour group session which we hold here at our office in the Spring and in the Fall. All household members over 18 years of age must attend this session - even if they are not on the mortgage.
You are required to attend a one-on-one counseling session to go over your income, assets and help you determine what an affordable mortgage is for you prior to applying for First Home Club.
If you would like to be reviewed for First Home Club program eligibility, click here to fill out the contact form or call the Long Island Housing Partnership at 631-435-4710 to arrange a personal counseling appointment.