First Home Club
Prevailing wisdom says that there is no such thing as a “free lunch.” Well, think again: the “First Home Club” comes as close as anything can.
If you are interested in buying your first house in the next year or two, this program is for you! Once you join the program with one of the eight participating banks or credit unions locally with assistance through TRIP’s HomeOwnership Center, you can receive $4 for every $1 that you save toward a home purchase (with the maximum matched amount of $7,500). For example, if you save $125 monthly for the next 15 months, you will have saved $1,875. When you close on your home you will receive the $7,500 towards the down payment and closing costs of your purchase. Added to your savings, you will have $9,375 towards the transaction!
Some restrictions apply, of course. If you are a 1-2 person household, your annual income must be below $61,600; for a family of 3 or more people, the limit is $70,800.
Contact Caitlin Burns at caitlin [at] triponline [dot] org or call 690-0020 ext. 224
for more details about the “First Home Club” through the Federal Home Loan Bank of NY.