Long Island - Grants First Time Homebuyers

First Home Club

North Fork Bank, HSBC and Community Housing Innovations, Inc. and the Federal Home Loan Bank of New York present:

MAKE YOUR DREAM OF HOMEOWNERSHIP A REALITY!

We will help First Time Homebuyers work for a grant of up to $5,000 towards the down payment and/or closing costs for the purchase of their first home.

WHO CAN JOIN?

Low-income first time homebuyers must be enrolled for a minimum of ten months, maximum of 30 months.

WHAT IS REQUIRED?

A SAVINGS ACCOUNT
Make regular monthly deposits to a dedicated savings account and receive matching funds of $3 for each $1 saved - up to a maximum of $5,000. You need to save $1,667 to receive the full grant of $5,000 (you would then have $6,667 plus interest).

HOME BUYER COUNSELING
First Home Club members are required to participate in a comprehensive counseling program provided through COMMUNITY HOUSING INNOVATIONS, INC., so they may understand some of the following topics on owning a home:
• Budgeting
• Saving
• Choosing a Home
• Mortgage Loan Application
• Legal Documentation and Obligations
• Home Maintenance

Maximum household income limits are determined by the participating banks, but are generally similar to those for CHI's homeownership grant programs.

If you're interested in learning more about First Home Club click here.