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 476 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

1 & 2 Person Household $90,816
3+ Person Household $105,952
Contact: Hudson River Housing


1 & 2 Person Household $90,816
3+ Person Household $105,952


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


1 & 2 Person Household $63,360
3+ Person Household $72,864
Contact: Rural Ulster Preservation Company

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. (OCRDAC) 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 2015-2016 we helped over 1,270 people secure financing on their dream homes.


Here are some helpful links for First-Time Homebuyers:

City of Poughkeepsie – Community Development



Dutchess County – Community Development & Housing Resources



Kingston Office of Community Development



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



New York State Homes & Community Renewal:    SONYMA Homeownership Information



Orange County – Community Development



Regional Economic Community Action Program, Inc.



Ulster County Planning Department - Housing



Fair Lending / Fair Housing Statement
Ulster Savings Bank is committed to making high quality banking and credit services available to all applicants consistently and in compliance with fair lending and fair housing laws and within the confines of safe and sound banking practices.  Ulster Savings Bank believes that its commitment to fair lending and fair housing is a good business practice as well as a basic responsibility of the company.  The Bank's success at serving a wide range of consumer and business customers is essential to the economic welfare of the community in which it conducts business and to the continued growth and vitality of the company.


First Home Club



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