First Home Club
Make your homeownership dream come true
- The First Home Club was launched by the Federal Home Loan Bank of New York to provide an incentive for saving for the purchase of a new home. Sterling National Bank is an approved Federal Home Loan Bank of New York member institution. The First Home Club provides the following benefits: Provides down payment and closing cost assistance to eligible first-time homebuyers.
- Grants matching funds - $4 matched for every $1 saved – up to $7,500 Grant Amount
- Funds can be used towards down payment or closing costs at the time of closing
The potential homebuyer must meet the following preliminary qualifications in order to participate and enroll in the First Home Club:
- Meet the Definition of First Time Homebuyer
- Meet Income Guidelines (Families with income at or below 80% of the area median income)
- Agree to make systematic deposits into a dedicated savings account with a member bank such as Sterling National Bank for a period of 10-24 months.
- Complete an approved Homebuyer Counseling Program
- Execute the First Home Club Enrollment Terms and Conditions
- Agree to execute, at the time of closing, a subordinate mortgage with a member bank such as Sterling National Bank for the subsidy fund for a 5-year term
- Qualify and obtain mortgage financing from a member bank such as Sterling National Bank