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First Home Club

At Solvay Bank, we want to help make buying a home an attainable goal for everyone. For many, saving for a down payment and closing costs is the main challenge. With the Solvay Bank First Home Club savings program, you can start saving for your home’s down payment and closing costs — and earn a generous grant to help meet your goal faster!

Once qualified, the program begins with a dedicated savings account. For every $1 you save, the Federal Home Loan Bank of NY (FHLBNY) will match your savings with $4 in grant funds, up to $7,500. Your monthly contribution, combined with the grant, makes it easy to save for your down payment and closing costs. 

    Summary
    • Program that helps you to start saving for your home’s down payment and closing costs
    • Earn a generous grant to help meet your goal faster
    • May use other first-time homebuyer programs together with the Solvay Bank First Home Club*
    • Upon successful completion of your savings period, you will be eligible to receive your grant of up to $7,500, which:
      • May be used for a down payment and/or closing costs
      • Does not need to be repaid as long as you stay in your home for five years
    • Requires monthly deposits into a dedicated Solvay Bank Statement Savings account during a period of 10 to 24 months
    • When you enroll, you can select a savings period option that works best for you
    • To qualify for the maximum grant of $7,500 you must save at least $1,875 at the end of your savings period
    Savings Period10 Months16 Months24 Months
    Your Monthly Deposit $188 $118 $79
    Your Total Savings $1,880 $1,888 $1,896
    Grant Match $7,500 $7,500 $7,500
    Total Funds $9,380 $9,388 $9,396
    Qualifications

    The Solvay Bank First Home Club is available if you:

    • Are a first-time homebuyer or have not owned a home in the last three years (single parents and displaced home-makers are eligible to apply at any time)
    • Reside and purchase a home in FHLBNY’s district which includes New York State
    • Meet income eligibility requirements, including a household income at or below 80% of the median income in the county you currently reside 
    Requirements to Earn Grant

    Requirements to Earning Your Solvay Bank First Home Club Grant

    1. Make an appointment with a mortgage loan officer. At your appointment, if qualified, you’ll sign the Enrollment Terms & Conditions which outlines the program requirements. You will also need to bring:

    • 30 days of pay verification (paystubs, Sch. C, SSI, etc.)
    • Last 2 years’ FEDERAL tax returns
    • Last 2 years’ W-2s for all employment
    • Alimony and child support information (if applicable)

    2. Open a dedicated savings account and agree to monthly deposits. This Solvay Bank Statement Savings account will be used solely for your Solvay Bank First Home Club monthly deposits.

    3. Complete an approved Solvay Bank First Home Club homebuyer counseling course. The course can answer questions about the home buying process and prepare you for purchasing a home. This course must be completed prior to the end of your savings period.

    4. Once you are near your savings goal, you can begin your home search and prequalify for a mortgage. Your Mortgage Loan Officer will guide you through this process, as well as the entire mortgage application. Eligible properties include one- to- four family homes.

    5. Qualify for your Solvay Bank mortgage at the end of your savings term. At closing, you will also sign a subordinate mortgage for the Solvay Bank First Home Club grant. Your grant term is forgiven after five years; however, if your home is sold prior to five years, you will have to repay a portion of the grant. 

    *If applicable, consult with providers of other grant programs to ensure they allow for participation in multiple grant programs. 

    Contact a Solvay Bank mortgage loan officer to learn more today!