The First Home Club, homeownership made easy
Eligible first-time homebuyers can earn $4 in matching grant funds (up to $7,500) for every $1 saved to use toward down payment and closing costs.
Ready to save?
If you are eligible and accepted into the First Home Club, a Financial Resources Mortgage Loan representative will assist you with opening a dedicated Home Saving Plan account. The First Home Club program requires monthly deposits into this account during a period of 10 to 24 months (see savings plans table below). To qualify for the maximum grant of $7,500 you must save at least $1,875 at the end of your savings period. If you stay in your home for five years, the grant is forgiven. More details are available from your Mortgage Loan Representative.
Who is eligible? To be eligible for the First Home Club program, you must:
Be a first-time homebuyer or not owned a home in the last three years. If you are a single parent or a displaced homemaker the three-year rule is waived.
Reside and purchase a home in New York or New Jersey
Meet income eligibility requirements
Household income must be at or below 80% of the median income in the county you currently reside.
$7,500 may be used for down-payment and/or closing costs. Select your county from the table below for income limits.
Let's Get Started
- Contact FRFCU and speak with a Mortgage Loan Representative to apply for the First Home Club. The Mortgage Loan Representative will need:
- 30 days of pay verification (paystubs, Sch. C, SSI, etc.)
- Last 2 years' FEDERAL tax returns
- Last 2 years' W2s for all employment
- Alimony and Child Support information (if applicable)
- Sign the First Home Club Enrollment Terms & Conditions which outlines the program requirements.
- Open a First Home Club dedicated Home Savings Plan account.
Upon First Home Club enrollment and approval, you will open an FRFCU Savings account dedicated to obtaining your First Home Club savings goal.
- Complete a First Home Club homebuyer counseling course.
The course will cover all your first-time homebuying questions and help prepare you for purchasing your first home. This course must be completed prior to the end of your savings period.
- When you are nearing your savings goal, you can begin your home search and prequalify for a mortgage.
Your Mortgage Representative will guide you through this process, as well as the entire mortgage application.
- Qualify for and obtain mortgage financing from FRFCU at the end of your savings term.
Eligible properties include one- to four-family homes, approved co-ops and condos. Note that at closing, you must sign a subordinate mortgage for the First Home Club grant. Your grant term is forgiven after five years; however, if your home is sold prior to five years, you will have to repay a portion of the grant.
Once accepted into the program, you have up to two years from the date you started saving to use the First Home Club grant.
Contact a Mortgage Loan Representative today with questions about the First Home Club program.