Housing - First Home Club

First Home Club

The purpose of the First Home Club is to provide opportunity for moderate income households to purchase their first home. The program is the result of a three way partnership consisting of the Bank of Castile, Federal Home Loan Bank of New York and Community Action.

The First Home Club involves the establishment of a monthly savings account at the Bank of Castile. Credit counseling and home buyer education is provided by Community Action. Federal Home Loan Bank supplies a matching grant to be used for down payment and/or closing costs.

Application to the First Home Club is made through Community Action. Eligible applicants are referred to the Bank of Castile to establish the savings program. Completion of the credit counseling, home buyer education classes and the savings period will prepare applicants for the Federal Home Loan Bank Grant.

The Bank of Castile also provides a discounted mortgage rate, reduced fees and contributes an additional $200 to the funds available to the First Home Club members.

Income eligibility for grants is as follows:
-Family size of 1- 2 persons cannot have annual income greater than $49,200.
-Family size of 3 or more persons cannot have annual income greater than $56,580.

E-mail Deb Krawczyk to request an application.