ESL First Home Grant

It’s more than a new mortgage solution. It’s support for attainable life enhancement.

The ESL First Home Grant offers income eligible first-time homebuyers the ability to earn up to $21,0001 (per household) in grant dollars. All of these funds must be used for down payment and closing cost assistance.

Annual allotments are available on a first-come, first-served basis to eligible buyers.

Contact our Community Lending Administrator today for details and next steps:

  

585.336.1290  communitylending@esl.org

Start Your Journey to Homeownership with ESL

Speak with an ESL Mortgage Originator

Connect with an ESL Business Development Mortgage Originator (585.336.1502) to start your prequalification and ESL First Home Grant enrollment.

We will guide you through the eligibility requirements, enrollment process, and next steps and get you on your way to purchasing your first home.

If you have any additional questions regarding the ESL First Home Grant, please connect with our Community Lending Administrator at 585.336.1290 or communitylending@esl.org.

Key Features with Lasting Benefits

  • ESL will match up to 20 times what you save2 toward owning your new home. For example, $20 in grant dollars is earned for every $1 saved over a six-month savings period.
  • All Grant dollars must be used for eligible down payment and closing costs.

Helping Our Community Thrive and Prosper

The purpose of the First Home Grant is to support eligible buyers in Greater Rochester through one of the most important wealth-building tools — homeownership. Through this grant — made available on a first-come, first-served basis to eligible buyers — ESL hopes to make homeownership more accessible and attainable for those in our community.

Eligibility Requirements

To enroll in the ESL First Home Grant, you must meet the following requirements:

  • Be a member of ESL Federal Credit Union.
  • Be an eligible first-time homebuyer.
  • Households must have an income of 60% or less of the area median income for their current place of residence, adjusted for Household size. Effective September 2024, this is $63,120 for one- and two-person household and $72,588 for a three plus person household.
  • Commit to making regular, monthly deposits into a ESL First-Time Homebuyer Savings Account over six months not to exceed $175 per month.
  • Achieve homeownership within 18 months from the enrollment start date – when you open your special First-Time Homebuyer Savings Account.
  • Property must be a single-family home only.
  • Property must be located within Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Steuben, Wayne, Wyoming, and Yates counties in the State of New York.
  • Homebuyer(s) must agree to obtain mortgage financing from ESL.
  • Homebuyer(s) must agree to a legally enforceable retention document, such as a second lien on the purchased property, that would allow ESL to recapture a proportion of the grant funds received for a five-year period.
  • Complete a homeownership counseling program with one of the ESL partner agencies.

Homeownership Counseling

ESL partners with several counseling agencies to help you with your first-time homeownership education. These partners may provide additional guidance to you throughout your homebuying journey:

ESL reserves the right to change the terms and conditions at any time, without prior notice. The Household also fully understands that the limited funds are available on a first-come, first-served basis and even if the Household meets all of the terms and conditions this does not guarantee that there may be funds available at the time that the Household qualifies. ESL, in its sole discretion, may refuse to honor an ESL First Home Grant funding request. The Household further agrees that any proceeds, which will not be, or cease to be, used for the purposes approved by ESL will be recaptured and the unused, or improperly used, grant will be returned to ESL. The Household will also acknowledge receipt of a copy of these terms and conditions.

1: The ESL First Home Grant may be considered taxable income, a pro-rated 1099C will be issued each year, over the five-year retention/recapture period. Consult with your tax adviser.

2: Maximum grant amount of $21,000. ESL First Home Grant may be used in conjunction with other eligible grant(s). All ESL First Home Grant funds must be used for down payment and closing cost assistance.