Matched funds up to a maximum of $7,500 are used to assist with downpayment and closing costs.
The goal of this program is help you establish a savings pattern.
By learning how to save regularly, you increase your wealth for the ultimate goal of creating strong viable neighborhoods;
Applicants must meet with housing counselor to complete program registration form and to determine eligibility prior to opening savings account.
Save for a minimum of 10 months up to a maximum of 24 months.
Save at 1 of 9 local lending institutions.
*Only for Northern Rensselaer County & North (i.e. Schaghticoke, Pittstown, Hoosick Falls; Saratoga & Washington Counties)
Maximum income limits to qualify for this program as of February 2012:
1 or 2 person household: $ 61,600
3 or more person household: $ 70,800
After savings has been completed, participants will obtain mortgage with the lender holding their savings account.
Participants in the First Home Club may apply for additional downpayment assistance near the end of their savings period, if eligible and available.
Contact TRIP's HomeOwnership Center at 690-0020 for more information
or visit the Federal Home Loan Bank of NY's website: here.