The purchase of a new home is one of the largest investments a person will make during his/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 (“FHC”), a program designed to assist moderate and low-income first-time homebuyers in the purchase of a new home. “We are offering potential first time home purchasers a wonderful opportunity to purchase the home of their dreams while saving ahead of time for all costs involved. For each $1 saved, eligible members can receive $4 in matching grant funds (up to $7,500) to use towards their down payment and closing costs,” explained 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 at the following location:
Tuesday, April 3, 2018 6-8pm
Also Presented in Spanish (Presentado en Español)
Suffolk Federal’s Riverhead Branch
Route 24 at 2 Enterprise Zone Drive
Riverhead, NY 11901
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% of the Median income in their current place of residence.
- Obtain mortgage financing from Suffolk Federal, and
- 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 of home in New York or New Jersey
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 great investment and which will reward saving efforts at the same time.
Seating for the seminar is limited so you must register. To RSVP for April 3 seminar, please contact Nancy Esposito at 631.924.8000 x8265 or email@example.com.