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 FREE First Time Home Buyers Seminars in West Babylon and Islandia 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.
SEMINARS were held in September & October.
Keep an eye out this Spring for another opportunity to attend!
To learn more about the First Home Club click here.