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.
|Savings Period||10 Months||16 Months||24 Months|
|Your Monthly Deposit||$188||$118||$79|
|Your Total Savings||$1,880||$1,888||$1,896|
The Solvay Bank First Home Club is available if you:
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:
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.