First Home Club

 

Elmira Savings Bank and the Federal Home Loan Bank of New York (FHLBNY) are working together to provide down payment assistance to qualified first-time homebuyers. The First Home Club provides $4 in matching funds at closing for every $1 saved in a dedicated First Home Club Savings Account at ESB, up to a total grant amount of $7,500. Before purchasing a home, participants make monthly deposits into this account over a 10 - 18 month period.  

Eligibility Requirements:

  • Must be first-time homebuyers (have not owned a home individually or with a spouse in the last three years)
  • Reside and purchase a home in New York
  • Have a household income at or below 80% of area median income
  • Complete an accredited homeownership course 
  • Remain in the home for five years or repay a portion of the grant funds back to FHLBNY

Important Information:

  • Participants are not eligible to receive the matching funds if they do not complete the savings program
  • Maintaining the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant
  • All funds are applied towards down payment and closing costs

 


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Elmira Savings Bank is an approved Seller/Servicer of Freddie Mac, FHA/Department of Housing & Urban Development, VA, USDA, and SONYMA (NY Only). Elmira Savings Bank is an Equal Housing Lender committed to ensuring every applicant for credit receive fair and equal treatment throughout the credit application and approval process, as embodied in the Equal Credit Opportunity Act and the Fair Housing Act. All mortgage lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

External links and content are being provided for informational purposes only. Elmira Savings Bank has no control over any other website and is not able to endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on any site other than this one.

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