Lending

First Home Club

Get $550 OFF your closing costs when you enroll in our First Home Club program!
Click here for details!


Ulster Savings Bank is a participating member of the First Home Club program affiliated with the Federal Home Loan Bank of New York. The First Home Club is an innovative educational savings program that can help you secure the funds you need for down payment and closing costs on your first home.

Ulster Savings Bank partners with the not for profit housing agencies in the Mid Hudson Valley to administer this program which is geared toward income qualified first time homebuyers. Ulster Savings Bank has closed over 450 home purchases through this program since 1999. The Bank has the necessary resources and experience to assist qualified home buyers through this program and ultimately purchase a home.

For every $1 you save in a special account dedicated to your home purchase, you'll get $4, up to a maximum total grant of $7,500!  Ulster Savings Bank offers the first home club savings accounts a highly competitive interest rate.

Participants are required to meet income household limits, attend educational classes and make systematic monthly deposits into an interest bearing Ulster Savings Bank savings account. The Federal Home Loan Bank of New York then provides a grant up to $7,500 toward the down payment and closing costs once a participant locates a home. The training provided includes topics such as household budgeting, the mortgage application and closing process, and home maintenance necessities.

 

Eligibility Requirements

In order to qualify as a first-time home buyer, you must meet the following criteria:

  • You cannot have owned a home within the past three years.  Some exceptions may apply.
  • To qualify, your household income must fall at or below 80% of the median income in the county where you live.
  • You must make regular monthly deposits to your First Home Club savings account for no less than 10 months and no more than 24 months.

 

Documentation To Join

  • W-2 tax statements from the last two years
  • Federal tax returns (all schedules) from the last two years
  • One month's current pay stubs


Listed below are a few of the counties that we currently offer the First Home Club and the non-profit housing agency that should be contacted to enroll.  (Click here to view the Federal Home Loan Bank of New York's median income guidelines for additional counties.  NOTE:  Please use the "80%" column for both 1-2 person and 3+ person households.)

 

Household Income Limits

DUTCHESS COUNTY
1 & 2 Person Household $83,616
3+ Person Household $97,552
Contact: Hudson River Housing
www.hudsonriverhousing.org
845-454-9288

 

ORANGE COUNTY
1 & 2 Person Household $83,616
3+ Person Household $97,552
Contact:

Pathstone
www.pathstone.org
845-569-0770

Orange County Rural Development Advisory Corp.,
a subsidiary of RUPCO (RDAC)
www.rdac.org
(845) 713-4568

 

ULSTER COUNTY
1 & 2 Person Household $60,720
3+ Person Household $69,828
Contact: Rural Ulster Preservation Company
www.rupco.org
845-331-9860
 

Ulster Savings Bank Participates in the Following Closing Cost and Downpayment Assistance Programs:

  • Hudson River Housing First Time Homebuyers Program
  • NYS HCR and Pilot Funds Programs
  • Orange County Rural Development Advisory Corp. (ORDAC) subsidiary of RUPCO - First Time Homebuyers Program
  • Pathstone Community Improvement of Newburgh - First Time Homebuyers Program
  • RUPCO - First Time Homebuyers Program

 

ULSTER SAVINGS BANK offers many different mortgage products with competitive interest rates.  Mortgage lending is our strength, and in 2014-2015 we helped over 1,350 people secure financing on their dream homes.

 

Here are some helpful links for First-Time Homebuyers:

City of Poughkeepsie – Community Development

http://cityofpoughkeepsie.com/building/economic-incentives-and-community-development/

 

Dutchess County – Community Development & Housing Resources

http://www.co.dutchess.ny.us/CountyGov/Departments/Planning/PLhousing.htm

 

Kingston Office of Community Development

http://kingston-ny.gov/content/8399/8469/8547/default.aspx

 

New York State Homes & Community Renewal:    Community Based Housing Organizations

http://www.nyshcr.org/Programs/NPP/HousingOrgs.htm

 

New York State Homes & Community Renewal:    SONYMA Homeownership Information

http://www.nyshcr.org/HomeOwnership-HomeBuyers.htm

 

Orange County – Community Development

http://www.orangecountygov.com/occommdev

 

Regional Economic Community Action Program, Inc.

http://www.recap.org

 

Ulster County Planning Department - Housing

http://ulstercountyny.gov/planning/housing-home

First Home Club

 

 

 
We are committed to ensuring that persons with disabilities have access to our goods and services, including those offered through our website. If you have any feedback or questions regarding our website, please e-mail us at customerservice@ulstersavings.com or call us at 1-866-440-0391.
 
Member FDIC

Investment, Tax, Payroll and Insurance products and services offered through Ulster Insurance Services, Inc. and Ulster Financial Group, Inc., subsidiaries of Ulster Savings Bank, are NOT FDIC INSURED.

Equal Housing Lender

NMLS #619306

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