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First Home Club at Edge FCU FAQs

What is the First Home Club?

The First Home Club SM (FHC) is a participation program that offers an incentive to save for, and purchase, your first home.

Potential home buyers commit to making regular deposits in a dedicated account, over an agreed-upon time-frame, to save for a down payment and closing costs on the purchase of a house. These savings, when made according to the agreement, are matched 4:1, with grant funds, up to the program dollar limit. These funds may be used only toward the purchase of a home.

What are the eligibility requirements?

The enrollee must meet the definition of a first-time home buyer, provide income tax documents, complete an application, and meet the following requirements:

  1. Reside and purchase a home within these areas: New Jersey; New York; Puerto Rico; the U.S. Virgin Islands.
  2. Have a gross household income of 80% or less of the area’s median income.
  3. Open a FHC savings account at Edge and agree to save on a regular basis, for a minimum of 10 months.
  4. Complete a home buyer counseling program.
  5. Execute a Terms and Conditions Agreement.
  6. Obtain mortgage financing from Edge FCU, the lender where the enrollee submitted the FHC application.
  7. At closing, execute a subordinate mortgage for subsidy funds for a 5-year term.

What defines a “first-time” home buyer?

You may be a first-time home buyer if you meet at least one of the following:

  1. You have never owned a home.
  2. It has been at least 3 years since you have owned a home.
  3. You last owned a home with a spouse, are now divorced, and no longer own a home.
  4. You are classified as displaced homemaker and last owned a home with a spouse but no longer own a home.

How do I start?

Gather pay stubs from the most recent month, and the last two years’ tax returns, for all members of the household, and contact us for an appointment: (315) 451-0105, ext. 27 or

Terms of this program may change at any time and without notice.

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