First Home Club
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 280 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.
In order to qualify for this program, applicants must meet the following criteria:
- Household income not exceed 80% of the median income in the county you currently reside
- Applicant has not owned a home within three years
Listed below are the counties that we currently offer the First Home Club and the housing non-profit agency that should be contacted to enroll.
Household Income Limits
| COLUMBIA COUNTY | |
| 1 & 2 Person Household | $54,320 |
| 3+ Person Household | $62,468 |
| Contact: | Housing Resources of Columbia County, Inc. www.housingresources.org 518-822-0707 |
| DUTCHESS COUNTY | |
| 1 & 2 Person Household | $77,649 |
| 3+ Person Household | $89,296 |
| Contact: | Hudson River Housing www.hudsonriverhousing.org 845-454-9288 |
| GREENE COUNTY | |
| 1 & 2 Person Household | $54,320 |
| 3+ Person Household | $62,468 |
| Contact: | The Hunter Foundation www.hunterfoundation.org 518-589-5050 |
| ORANGE COUNTY | |
| 1 & 2 Person Household | $77,649 |
| 3+ Person Household | $89,296 |
| Contact: | Pathstone www.pathstone.org 845-569-0770 |
| ULSTER COUNTY | |
| 1 & 2 Person Household | $66,912 |
| 3+ Person Household | $78,064 |
| Contact: | Rural Ulster Preservation Company www.rupco.org 845-331-9860 SHARP Committee, Inc. 845-688-5777 |
INCENTIVES FOR SUCCESSFUL COMPLETION OF THE PROGRAM:
- NO MORTGAGE APPLICATION FEE
- NO APPRAISAL FEE
- NO CREDIT REPORT FEE
- BANK Settlement, Document Preparation and Title Review Fees REDUCED IN 1/2
ULSTER SAVINGS BANK PARTICIPATES IN THE FOLLOWING CLOSING COST AND DOWNPAYMENT ASSISTANCE PROGRAMS:
- Dutchess County Weed & Seed
- Dutchess Housing Partnership First Time Homebuyers Program
- Poughkeepsie First Time Homebuyers Program
- Regional Economic Community Action Program, Inc.
- Rural Ulster Preservation Company First Time Homebuyers Program
- PathStone, NRC and Pilot Funds Programs
- Hudson River Housing First Time Homebuyers Program
