First Home Club

Home starts here. The First Home Clubsm puts homeownership in reach for eligible first-time homebuyers by providing grants (from the Federal Home Loan Bank of New York) to be used toward down payments and closing costs.
 

First Home Club

The First Home Club helped make the dream of homeownership a reality for us.  With the right planning and support, it was easy!
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  • Features & Benefits

    The First Home Club, available through the Federal Home Loan Bank of New York (FHLBNY), helps put homeownership in reach for first-time homebuyers by providing grants of up to $7,500 to be used toward down payments and closing costs.

    Participating in the First Home Club not only helps you save money for the purchase of a new home, it also comes with additional benefits that will help you make the most out of becoming a homeowner:

    • Prepare for homeownership in a smart, supportive manner.
    • Establish good money management skills by making regular monthly deposits for at least 10 months.
    • Build the amount of money you have available for your down payment or closing costs.
    • For every $1 saved, you could be eligible to receive $4 in matching grant funds up to $7,500.
     
  • Getting Started

    To see if the First Home Club is right for you, speak with one of these partner agencies or give us a call at 585.336.1000:

    Consumer Credit Counseling Service of Rochester
    1000 University Ave, Suite 900
    Rochester, NY 14607
    Toll free: 866.677.9767 | 585.546.3440 | www.cccsofrochester.org/esl   

    NeighborWorks Rochester
    570 South Avenue
    Rochester, NY 14620
    585.325.4170 | www.nwrochester.org 

    The Housing Council at PathStone
    75 College Avenue, 4th floor
    Rochester, NY 14607
    585.546.3700 | www.thehousingcouncil.org

    The Housing Council at PathStone
    7 Batavia City Centre
    Batavia, NY 14020
    585.343.2188 | www.thehousingcouncil.org

    The Housing Council at PathStone
    5297 Parkside Drive, Suite 410
    Canandaigua, NY 14424
    585.396.3400 | www.thehousingcouncil.org

     
  • Eligibility

    To be eligible, you must meet these qualifications:

    • You must be considered a first-time homebuyer.
      To be considered a first-time homebuyer, you must meet any ONE of these qualifications:
      • Have had no ownership in a principal residence during the last three years, OR
      • Be a single parent who has only owned a principal residence with a former spouse while married, OR
      • Be a displaced homemaker who has only owned a principal residence with a spouse.
    • Your household income at enrollment must be at or below 80% of the median income in the county where you currently live. For 2016 this is $57,840 for a one- and two-person household and $66,516 for a three-plus person household.
    • Prepare to purchase a home within the ESL six-county mortgage lending area and close within 24 months of enrollment into the First Home Club.
      • The ESL lending area includes eligible properties located in Monroe, Ontario, Orleans, Wayne, Livingston, and Genesee counties in the state of New York.
    • Commit to making regular deposits into a First Home Club savings account for at least 10 consecutive months.
    • Complete a homeownership counseling program at an FHLBNY approved agency.
    • Agree to obtain mortgage financing from ESL.
    • Agree to place a second lien on the purchased property equal to the grant funds received for a five-year period.
     
  • Specifics
    First Home Club Savings Examples
    Savings Period
    Member Deposits
    Total Savings
    Grant Potential
    Total for Down Payment/Closing
    Savings Period10 Months
    Member Deposits$188/month
    Total Savings$1,880
    Grant Potential$7,500
    Total for Down Payment/Closing$9,380
    Savings Period11 Months
    Member Deposits$171/month
    Total Savings$1,881
    Grant Potential$7,500
    Total for Down Payment/Closing$9,381
    Savings Period12 Months
    Member Deposits$157/month
    Total Savings$1,884
    Grant Potential$7,500
    Total for Down Payment/Closing$9,384
    Savings Period13 Months
    Member Deposits$145/month
    Total Savings$1,885
    Grant Potential$7,500
    Total for Down Payment/Closing$9,385
    Savings Period14 Months
    Member Deposits$134/month
    Total Savings$1,876
    Grant Potential$7,500
    Total for Down Payment/Closing$9,376
    Savings Period15 Months
    Member Deposits$125/month
    Total Savings$1,875
    Grant Potential$7,500
    Total for Down Payment/Closing$9,375
    Savings Period16 Months
    Member Deposits$118/month
    Total Savings$1,888
    Grant Potential$7,500
    Total for Down Payment/Closing$9,388
    Savings Period17 Months
    Member Deposits$111/month
    Total Savings$1,887
    Grant Potential$7,500
    Total for Down Payment/Closing$9,387
    Savings Period18 Months
    Member Deposits$105/month
    Total Savings$1,890
    Grant Potential$7,500
    Total for Down Payment/Closing$9,390
    The first step in participating in the First Home Club is the savings portion of the program.
    • You’ll determine and commit to a specific amount to deposit each month into your First Home Club Savings Account. 
    • You will need at least $1,875 to qualify for the maximum grant amount of $7,500.
    • You will save for at least 10 months and will need to complete the savings period in time to close on your property within 24 months of enrolling in the First Home Club program.
    • Remember:
      • It’s important to make the full amount of your deposit each and every month; missing a deposit or not depositing the full amount could jeopardize your ability to get the full grant amount or your continued participation in the First Home Club.
      • The First Home Club Savings Account is a dedicated savings account opened at enrollment for you to save money for your down payment and closing costs. Making unqualified withdrawals could adversely affect the amount of FHLBNY grant money you could receive.

    As you near the completion of the savings portion of the First Home Club program, you’ll arrange to complete a homeownership counseling course provided by a Federal Home Loan Bank of New York-approved agency.

    First Home Club℠ Savings Account

    Minimum Balance to Open Account: $1

    Minimum Balance to Obtain APY
    Dividend Rate
    Annual Percentage Yield
    Minimum Balance$1
    Dividend Rate0.050%
    Annual Percentage Yield0.05%

    Rates accurate as of

    All rates subject to change without notice.  Annual Percentage Yield (APY) is accurate as of the last dividend declaration date.  Fees could reduce earnings in this account.
    First Home Club is a service mark of the Federal Home Loan Bank of New York.

     
  • Counseling
    As part of your enrollment with the First Home Club, you are required to complete a homeownership counseling course provided by a Federal Home Loan Bank of New York-approved agency.

    This course gives you a better understanding of the habits and responsibilities of homeownership, covering various topics, such as:
     
    • Mortgage payment versus rent
    • Financial planning for a home
    • Choosing an affordable home
    • Creating a monthly budget
    • Contract of sale
    • Mortgage loan application
    • Down payment and closing costs
    • Closing documents and the closing process
    • Life as a homeowner
     

First Home Club Partner Agencies

Is the First Home Clubsm right for you?  Find out by speaking with one of these partner agencies:

Consumer Credit Counseling Service of Rochester
585.546.3440

NeighborWorks Rochester
585.325.4170

The Housing Council at PathStone
585.546.3700 (Rochester)
585.343.2188 (Batavia)
585.596.3400 (Canandaigua)