First Home Savers' Program

Saving for your first home? We’ll triple your impact! With our First Home Savers' program your first home can be closer than you think. We’ll match each $1 you save with $2 towards your closing costs for up to $2,000.

Please note that enrollment availability is limited for this program and available while supplies last.

First Home Savers' Program

Ulster Savings Bnk will match $2 credit at the time of closing for every $1 saved (up to $1000) by the participating household in the dedicated savings account for a total match of up to $2,000. This savings program will  help reduce the cost of buying your first home. First-time homebuyers that participate in the bank's First Home Savers program may be eligible for a credit up to $2,000, which is applied at closing on a one-to-four family home or condo. Participating households must qualify for and obtain mortgage financing exclusively through Ulster Savings Bank for the purchase of a primary residence within the bank’s assessment area (Ulster, Orange and Dutchess Counties)*.

Chat with an Expert Find a Location View Mortgage Rates

Program Requirements

You must meet the following requirements to be eligible to participate in the program:

  • Homebuyer Status: First-time homebuyer or no ownership of a home for the past 3 years**
  • Household Income: 80% or below area median income (AMI) in the county of house purchase. See income limits below.
  • Homebuyer(s): must demonstrate a reliable stream of income; examples include full-time employment (defined as ≥ 32 hours a week), pension, disability award, Social Security, Individual Retirement Accounts, or other recurring sources.
  • Monthly Deposits: Participating household must make systematic monthly deposits into the dedicated savings account. Recommended monthly deposit of $100 for 10 months.  Minimum savings of 10 months and maximum of 24 months. Last deposit must be made prior to closing on their new home.
  • Classes: Must attend homeownership counseling and education provided through a local housing agency.  
  • Geographic Availability: Ulster, Orange and Dutchess Counties.

Dutchess County Income Limits

1-2 Person Household: $98,400
3+ Person Household: $113,160

Contact: NeighborWorks HomeOwnership
291 Mill Street • Poughkeepsie, NY 12601
https://www.hudsonriverhousing.org/real-estate-homeownership-2
845-454-5176

Orange County Income Limits

1-2 Person Household: $98,400
3+ Person Household: $113,160

Contact: PathStone
PO Box 1086 • Newburgh, NY 12551
www.pathstone.org
845-569-0770

Ulster County Income Limits

1 & 2 Person Household: $95,840
3+ Person Household: $110,216

Contact: Rural Ulster Preservation Co. (RUPCO)
NeighborWorks HomeOwnership Center
289 Fair Street • Kingston, NY 12401
www.rupco.org
845-331-2140


* Being accepted into Ulster Savings Bank’s First Time Savers program does not automatically qualify for a mortgage. Recommended to meet with a Loan Specialist for a mortgage pre-qualification after enrollment. Funds are limited with no guarantee of approval. The program will be administered through March 1, 2027, or until program is full. Other restrictions may apply.
 
** First-time homebuyer as defined by the U.S. Department of Housing and Urban Development (“HUD”), is an individual who meets any of the following criteria:

  • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers​

  • A single parent who has only owned a principal residence with a former spouse while married.

  • Individual who is a displaced homemaker and has only owned a principal residence with a spouse.

  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.

  • An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.

FAIR LENDING 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 laws and within the confines of safe and sound banking practices.  Ulster Savings Bank believes that its commitment to fair lending 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. 
Back to Top