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:
- Reside and purchase a home within these areas: New Jersey; New York; Puerto Rico; the U.S. Virgin Islands.
- Have a gross household income of 80% or less of the area’s median income.
- Open a FHC savings account at Edge and agree to save on a regular basis, for a minimum of 10 months.
- Complete a home buyer counseling program.
- Execute a Terms and Conditions Agreement.
- Obtain mortgage financing from Edge FCU, the lender where the enrollee submitted the FHC application.
- 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:
- You have never owned a home.
- It has been at least 3 years since you have owned a home.
- You last owned a home with a spouse, are now divorced, and no longer own a home.
- 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 firstname.lastname@example.org.
Terms of this program may change at any time and without notice.