With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

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January 23, 2018
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First Home Club Matched Savings Program

Financial Assistance for Homebuyers in New York

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

To begin, applicants must attend a Homebuyer 101 orientation provided by the AHP Homeownership Center. Then, credit-ready applicants must make an appointment with their homeownership advisor, and bring completed program registration and related forms to the appointment.

Eligibility Requirements
  • Applicants must be first-time homebuyers
  • Applicants must fall within the following income limits:
    1 - 2 persons: $65,600 / 3 + persons: $75,440
  • Applicants must be approved by a participating bank or credit union
  • All applicants must save at least $20 per month over a minimum of ten months in a dedicated savings account
  • Towards the end of their savings term, applicants must attend a homebuyer education course.

Homebuyer Education Providers
  • Affordable Housing Partnership (AHP)
  • TRIP NeighborWorks Homeownership Center
  • Better Neighborhoods Inc. (BNI)
  • Albany County Rural Housing Alliance (ACRHA)
Participating Banks and Credit Unions (list may not be current)
  • CapCom FCU
  • Capital Bank
  • M&T Bank
  • NBT Bank
  • Saratoga National
  • SEFCU
  • Sunmark FCUt

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

This program is in the form of a second mortgage and provides eligible applicants with a loan of up to 10 percent of the purchase price of the property in order to meet the down payment requirements. The loan has an interest rate of 4 percent with a 5-year term.

The Troy Rehabilitation and Improvement Program’s HomeOwnership Center administers funds for the City of Troy's Homebuyer Incentive Program and Rensselaer County's Homebuyer Program in the form of down payment and/or closing cost assistance.

The City of Albany offers to its residents the Home Acquisition Program (HAP). It provides financial assistance to low income households with low annual incomes.  Funds can be put towards the down payment and closing costs of the home for a first-time homebuyer who resides in the property being purchased.

The Homebuyer Incentive Program (HIP) grants assistance of $15,000 and $20,000 to income- eligible applicants, in order to promote homeownership in Troy for low income homebuyers. Troy Rehabilitation and Improvement Program requires that all applicants must be first time homebuyers.

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers the opportunity to receive a grant, which is designed to assist with closing costs and/or down payments. The Housing Opportunities Foundation Individual Grant Program is in the form of a gift . Repayment is not required.

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