FHC Information for First-Time Homebuyer
Potential Homebuyers may enroll in the First Home Clubsm (FHC) at any time with an approved FHLBNY member community lender. The Homebuyer must participate in the program for a minimum of 10 months of systematic savings, up to a maximum of 24 months. In order to participate and enroll in the FHC, the potential homebuyer must meet the following preliminary qualifications:
- Meet the definition of first-time homebuyer in the Program Guidelines
- Reside and purchase their home within HLB's district area (New Jersey, New York, Puerto Rico, or the U.S. Virgin Islands)
- Gross household income is 80% or less of the area median income, as defined in the Program Guidelines
- Open a dedicated savings account with an approved member and agree to save systematically on a monthly basis for a minimum of 10 months
- Complete a homebuyer counseling program
- Execute the FHC Enrollment Terms & Conditions Agreement (FHC-104)
- Obtain mortgage financing from the member
- At closing, execute a subordinate mortgage for subsidy funds for a 5-year term
If you are interested in participating in the program, contact one of the approved members so that they can determine eligibility and enroll you in the FHLBNY's FHC.
