First Time HomeBuyers Program

Ready to buy your first home?  We have a mortgage program designed for you.

When you’re buying a home, mortgage lenders don’t only look at your income, assets, and available down payment. Instead, they look at all of your liabilities and obligations—including auto loans, credit card debt, child support, your overall credit rating, and more. Those variables, along with the mortgage program you select, will determine how much of a mortgage you may be able to obtain.

Community Resource Federal Credit Union in a partnership with Federal Home Loan Bank of New York can offer our members financial assistance with downpayment and/or closing costs associated with purchasing their first home through the Federal Home Loan Bank First Home Club grant program.

How it Works:

The First Home Club is a grant program in New York State and New Jersey that provides downpayment and/or closing cost assistance to first-time homebuyers that meet income and eligibility guidelines. The matched savings programs will match $4 to every $1 saved up to a $7,500 match! If qualified to participate in this program, you will make a plan with the program coordinator to save money every month for a minimum of 10 months up to 18 months.

Eligibility Requirements:


  • Be a first-time home buyer per HUDs* definition
  • Plan to Occupy the home for at least 5 years
  • Have total household income at or below 80% of the HUD median income in the area where you currently reside (at the time of enrollment) Click here for more details
  • Complete an accredited homeownership course, minimum of six hours
  • Obtain Prequalification for a Mortgage Loan through our partner OwnersChoice Funding
  • Must not have any collection accounts at the time of enrollment
  • Must have full-time employment for at least 2 years prior to enrollment
  • Purchase and reside in the home in New York State or New Jersey
    • Eligible property types include: 1 to 4 Family Home, Condominium, or Manufactured Home permanently affixed to a foundation

Enrollment to Closing Process in 4 Easy Steps:

Number 1


Complete our verification checklist and packet:
  • Meet the definition of a first-time home buyer
  • Meet the household income limits
  • Provide all required income verification and employment verification
  • Receive prequalification for a mortgage loan with OwnersChoice Funding
  Number 2


Set up a designated share certificate with systematic deposits as determined by our program coordinator
  • Execute the First Home Club Enrollment Terms and Conditions Agreement with our program coordinator
  • Complete the 10 to 18 months’ savings plan
Number 4


Obtain permanent financing through OwnersChoice Funding for your mortgage loan
  • At Closing, within 24 months of enrollment, execute a subordinate mortgage for subsidy funds for a 5-year term

To get started today, please contact the program coordinator or stop into a local branch, you can also call us at 518-783-2211.

Important Information:

At any time throughout the First Home Club process, changes to the household size, income and/or assets are subject to re-verification retroactively to the time of enrollment. You may be required to provide to additional documentation for funding approval by the Federal Home Loan Bank of New York. You must demonstrate a pattern of systematic savings in the dedicated account which is consistent with the agreed-upon schedule, Failure to do so will result in termination of this program. Once the Federal Home Loan Bank of New York receives all documentation required after the 10 to 18 months’ plan, they will determine whether the household is in fact eligibility or ineligible for these grant funds.

* HUD’s Definition of First-Time Homebuyer: A first-time homebuyer, based upon the U.S. Department of Housing and Urban Development (HUD) definition, is an individual who meets any of the following criteria: An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers);A single parent who has only owned a principal residence with a former spouse while married; An individual who is a displaced homemaker and has only owned a principal residence with a spouse; An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; An individual who has only owned a property that was not in compliance with state, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.