Down Payment Assistance Program for First Time Homebuyers
M&T Bank and The Federal Home Loan Bank of New York are working together to provide down payment and/or closing cost assistance to qualified first time homebuyers who reside in, and are looking to purchase a home in, New York or New Jersey.
A first time homebuyer is typically defined as someone who has not owned real estate in the past three years.
How It Works
The First Home Club is a grant program in New York and New Jersey that provides down payment and/or closing cost assistance to first time homebuyers who meet income and eligibility guidelines. This grant program through the Federal Home Loan Bank of New York may match four dollars for every dollar you save, up to a maximum assistance grant of $7,500. Borrowers must save $1,875 of their own funds to maximize the matching grant funds.DIS-370-DIS
M&T Loan Officer will help you determine if you are qualified and enroll you in the program. Once qualified, you'll be provided with a First Home Club Referral Authorization Form so you can open your savings account and get started.
Review the process in 10 easy steps (PDF).
In order to be eligible, you must meet the following conditions:
- Purchase and reside in a home in New York State or New Jersey
- Be a first time homebuyer purchasing a 1- to 4-family home, condo or co-op
- Plan to occupy the home for at least 5 years
- Have household income at or below 80% of the HUD median income in the area where you currently reside
- Complete an accredited homeownership course
How to Apply
To apply for the First Home Club program, contact an M&T Mortgage Loan Officer in your area.
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