M&T Bank and The Federal Home Loan Bank of New York are working together to provide down payment assistance to qualified first-time homebuyers. The First Home Club provides four dollars in matching funds at closing for each dollar saved in a dedicated account (up to $7,500 in matching funds) to an eligible first-time homebuyer. Individuals who have not owned a home of their own for three years are considered first-time homebuyers. Program participants, before actually purchasing a home make monthly deposits over a period of 10-24 months, into a First Home Club Savings Account.
To qualify you must:
- Be a first-time homebuyer purchasing a one to four family home
- Reside and purchase a home in New York
- Plan to occupy the house that will be purchased for at least five years
- Satisfy all liens, judgments and charge-offs
- Have household income at or below 80% of the median income in the area where you currently reside
- Complete an accredited home ownership course
After applying with an M&T loan officer and being screened for the program, an applicant can then open a First Home Club Savings Account with M&T Bank.
Please contact one of our Loan Officers listed in our New York State Directory.