Matched Savings Program: First Home Club
The First Home Club Program provides a matching $4 for every $1 saved by a potential first time homebuyer, to assist with downpayment and closing costs. Saving tips and financial education workshops are provided to help people learn how to save.
The main goal of this program is to assist people learn how to save in order to increase their wealth, for the ultimate goal of creating strong viable neighborhoods;grants are matched $4 for every $1 saved up to a maximum of $7,500! Applicants must meet with housing counselor to complete program registration form and to determine eligibility prior to opening savings account.
First Home Club though Federal Home Loan Bank of NY:
Savings must be done for a minimum of 10 months up to a maximum of 24 months. Potential homebuyers may choose to save at 1 of 6 local lending institutions.
Participating Lenders:
- First Niagara Bank
- HSBC
- M&T Bank
- Pioneer Savings
- SEFCU
- NBT Bank
Maximum income limits to qualify for this program are as follows:
1 or 2 person household: $ 56,480
3 or more person household: $ 64,952
After savings has been completed, participants will obtain mortgage with the lender holding their savings account.
Participants in the First Home Club and/or Assets for Independence may apply for additional downpayment assistance near the end of their savings period, if eligible.
Please contact: TRIP's HomeOwnership Center at 690-0020 or register@triponline.org for more information and to sign up for the next Homebuyer Orientation.
