The purchase of a new home is one of the largest investments a person will make during his or her lifetime. The process can be exciting yet overwhelming. Avoiding costly mistakes requires that a purchaser is working from a financially secure position with proper information, tools and knowledge.
To support first-time homebuyers with navigating the home buying process, Suffolk Federal is offering its members the Federal Home Loan Bank of New York’s First Home Club, a program designed to assist moderate and low-income first-time homebuyers in the purchase of a new home.
“For each dollar saved, eligible members can receive four dollars in matching grant funds (up to $7,500) to use towards their down payment and closing costs,” said Ralph D. Spencer, Jr., president & CEO of Suffolk Federal.
Suffolk Federal is also hosting a free first-time home buyers seminar in Riverhead where purchasers can receive a comprehensive home buying overview with specialists who will provide valuable information about financing options as well as information and resources pertaining to the real estate market, mortgage, contracts, closings and more. Purchasers can even learn how to earn cash back towards closing costs.
The seminar will take place on Tuesday, April 3 from 6 to 8 p.m. at Suffolk Federal’s Riverhead branch located on Route 24 at 2 Enterprise Zone Drive. The seminar will also be presented in Spanish.
A “first-time home buyer” is defined as an individual and his or her spouse who have not owned a home during a 3-year period prior to the purchase of the new home. To qualify for The First Home Club a purchaser needs to fulfill the following requirements:
- Be a Suffolk Federal member or be member eligible
- Be a first-time home buyer.
- Be a resident of New York State, New Jersey, Puerto Rico or Virgin Islands.
- Agree to complete a homebuyer counseling program with a HUD approved counseling agency in member’s geographic area.
- Open a dedicated First Home Club savings account with Suffolk Federal and agree to save systematically on a monthly basis for a minimum of 10 months and achieve home ownership within 24 months.
- Gross household income must be less than 80 percent of the median income in their current place of residence.
- Obtain mortgage financing from Suffolk Federal
- Demonstrate a two-year history of receiving a consistent and reliable stream of income derived through full-time employment.
- Member must agree to execute a legal recordable retention mechanism to ensure residency for a minimum of (5) years.
- Purchase a home in New York or New Jersey
Click here to find more information about First Home Club.
Should a purchaser not qualify for the FHC program, Suffolk Federal also offers the First-time Home Buyers Club account which is designed to help a purchaser save for this investment and which will reward saving efforts at the same time.
Seating for the seminar is limited so you must register. To RSVP for the April 3 seminar, please contact Nancy Esposito at 631-924-8000 x 8265 or click here to email her.
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