GRB`s First Home Club!

q Do you want to buy a home in the next 10-18 months?
q Are you a first-time home buyers?
q Are you a New York State resident?
q Do you want a grant up to $7,500 towards your first home?
If you answered YES to all of these questions,
then GRB’s First Home Club is for you.
Call today to set up your appointment.
There is no obligation and no cost to see if
they qualify.
FIRST
UB
L
C
E
M
HO
GRB’s First Home Club!
For every $1 you save, you will receive $4 in a grant, up
to $7,500, toward the down payment and closing costs
for the purchase of your new home.
Watch your $1,875 be matched with $7,500.
A total of $9,375!
“A house of our own…thank you to GRB and their First Home Club
for making our dream come true! The structured savings, the budget
counseling, our GRB Mortgage Originator’s advice, and the $7,500
grant all came together in the best possible way. We are so grateful to
you and so happy in our new home.”
- Andre and Richard Scott
JENNIFER ZILNIK
Licensed Real Estate Salesperson
585.451.0101
1797 Penfield Rd., Penfield, NY 14526
[email protected]
GRB and the Federal Home Loan Bank of NY (FHLBNY) work together to provide down payment assistance to qualified first-time homebuyers. The FHLBNY First Home Club provides
$4 in matching grant funds at closing for each $1 saved in a dedicated First Home Club Savings Account at GRB, up to $7,500 in matching funds. Before purchasing a home, participants
make monthly deposits over a period of 10 – 18 months into this account. Participants are not eligible to receive the matching funds if they do not complete the savings program. Maintaining
the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant. All funds are applied towards down payment and closing costs. Eligibility
requirement: Participants must be first time homebuyers (have not owned a home, individually or with a spouse, within the last three years), reside and purchase a home in New York, and
have a household income at or below 80% of area median income. Participants must also complete an accredited home ownership course. The participant must remain in the home for at
least five years or they will be required to repay a prorated portion of the grant funds back to the FHLBNY.
www.GRBbank.com/mortgage
Member FDIC
NMLS#417491
First Home Club in 8 Easy Steps
This information is for Real Estate Professionals only.
For every $1 you save, you will receive $4 in a grant, up to
$7,500, toward the down payment and closing costs for the
purchase of your new home.
Watch your $1,875 be matched with $7,500.
A total of $9,375.
STEP ONE - Eligilibilty
To be eligible for the First Home Club, you must be
a first-time homebuyer residing in NY state with a
household income at or below 80% of area median
income.
STEP TWO - Getting Started
Contact a GRB Mortgage Originator who will
determine your eligibility for the First Home Club
program, assist you in determining your savings goal
and how to reach that goal as well as help you
complete the enrollment application packet. The
Mortgage Originator will also pre-qualify you for a
mortgage.
FIRST
LUB
HOME C
STEP FIVE - Home Ownership Class
Take the required one day Consumer Credit
Counseling Home Ownership Education Class.
STEP SIX -Make Monthly Deposits
Make your agreed upon monthly deposits to your
GRB First Home Club Savings Account. You have
between 10 and 18 months to achieve your savings
goal as determined by you and your Mortgage
Originator.
STEP THREE - CCC Appointment (585-546-3440 opt.1)
Schedule your appointment with Consumer Credit
Counseling, a non-profit housing counseling agency.
STEP SEVEN - Go House Shopping & Apply for Mortgage
Once you have met your savings goal and
completed the Home Ownership Class, you are
ready to begin house shopping. When you have an
accepted purchase contract, contact your GRB
Mortgage Originator to get your mortgage loan
application underway.
STEP FOUR - Open Savings Account
Open your GRB First Home Club Savings Account,
a dedicated savings account used solely for the
purpose of meeting your agreed upon First Home
Club savings goal.
STEP EIGHT - Final Approval
Once your mortgage application has been approved,
all required documents will be sent by GRB to the
Federal Home Loan Bank of NY for review and funding
approval. When approval is received, you can close.
JENNIFER ZILNIK
Licensed Real Estate Salesperson
585.451.0101
1797 Penfield Rd., Penfield, NY 14526
[email protected]
GRB and the Federal Home Loan Bank of NY (FHLBNY) work together to provide down payment assistance to qualified first-time homebuyers. The FHLBNY First Home Club provides
$4 in matching grant funds at closing for each $1 saved in a dedicated First Home Club Savings Account at GRB, up to $7,500 in matching funds. Before purchasing a home, participants
make monthly deposits over a period of 10 – 18 months into this account. Participants are not eligible to receive the matching funds if they do not complete the savings program. Maintaining
the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant. All funds are applied towards down payment and closing costs. Eligibility
requirement: Participants must be first time homebuyers (have not owned a home, individually or with a spouse, within the last three years), reside and purchase a home in New York, and
have a household income at or below 80% of area median income. Participants must also complete an accredited home ownership course. The participant must remain in the home for at
least five years or they will be required to repay a prorated portion of the grant funds back to the FHLBNY.
www.GRBbank.com/mortgage
Member FDIC
NMLS#417491
First Home Club Savings
Examples of First Home Club Savings Plans to Maximize Grant Match:
Savings
Period
# Months
Buyer’s
Mo. Savings
Deposits
Total
Savings
Total for Down
Payment/Closing
Costs
Grant
Match
10$188$1,880$7,500$9,380
12
$157
$1,884
$7,500
$9,384
14
$134
$1,876
$7,500
$9,376
16
$118
$1,888
$7,500
$9,388
18$105$1,890$7,500$9,390
After the closing date is set, funds are distributed between financial institutions. No actual cash changes hands.
FIRST HOME CLUB INCOME LIMITS FOR MONROE AND SURROUNDING COUNTIES
All amounts subject to change. Contact your GRB Originator for current details and qualifications.
Household Size:
1& 2 person
$57,600
3+ persons
$66,240
JENNIFER ZILNIK
Licensed Real Estate Salesperson
585.451.0101
1797 Penfield Rd., Penfield, NY 14526
[email protected]
GRB and the Federal Home Loan Bank of NY (FHLBNY) work together to provide down payment assistance to qualified first-time homebuyers. The FHLBNY First Home Club provides
$4 in matching grant funds at closing for each $1 saved in a dedicated First Home Club Savings Account at GRB, up to $7,500 in matching funds. Before purchasing a home, participants
make monthly deposits over a period of 10 – 18 months into this account. Participants are not eligible to receive the matching funds if they do not complete the savings program. Maintaining
the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant. All funds are applied towards down payment and closing costs. Eligibility
requirement: Participants must be first time homebuyers (have not owned a home, individually or with a spouse, within the last three years), reside and purchase a home in New York, and
have a household income at or below 80% of area median income. Participants must also complete an accredited home ownership course. The participant must remain in the home for at
least five years or they will be required to repay a prorated portion of the grant funds back to the FHLBNY.
www.GRBbank.com/mortgage
Member FDIC
NMLS#417491