1ST TIME HOME BUYER CLUB ACCOUNT
4 to 1 Matching Grant for First Time Home Buyer, Up to $7,500
Please note there are annual caps set for enrollments of households, applications for enrollment are processed on a first-come, first-serve basis.
If you are a first-time home buyer and NYU faculty, staff, retiree, alumni, or their family members are possibly eligible to apply for this grant.
DEFINITION OF FIRST TIME HOME BUYER
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).
- Is a single parent who has only owned a principal residence with a former spouse while married.
- Is a displaced homemaker and has only owned a principal residence with a spouse.
- Has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- 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.
ELIGIBILITY REQUIREMENTS FOR FIRST HOME CLUB HOUSEHOLDS
- In order to be approved as a qualified household, the household must:
- Meet the definition of a First-Time Homebuyer.
- Be a resident in NY or NJ district at time of enrollment.
- Plan to purchase an eligible property type within NJ or NY, namely:
- 1-4 family home
- Not be a fully matriculated student within six (6) months of enrollment.
- Meet the income guidelines at the time of enrollment with a total household income of 80% or less of the area median income for current place of residence, adjusted for family size, as determined under 26 U.S.C. 124(f), Mortgage Revenue Bonds, (“MRB”),as published by a State agency or instrumentality. NY Income Guidelines NJ Income Guidelines
- Open a dedicated savings account- First Time Home Buyer Club account- at the NYU FCU and agree to save systematically on a monthly basis for a minimum of 10 months to achieve an “Equity Goal” as determined by the household and NYUFCU. Any withdrawals from the dedicated savings account must be directly related to the home purchase under the FHC Program. The maximum time to close on property is within 24 months of enrollment.
- Agree to completion of a FHLBNY approved homeownership counseling program- minimum 6 hour course- Neighborhood Housing Services of New York City, Inc. is recognized as any agency where this course can be taken. For information on the course, or to take the course, please visit the NHSNYC Homebuyer Education Course.
- Agree to obtain mortgage financing from NYUFCU.
In order to be enrolled in this program, you must qualify for it by submitting a separate application with all household members, providing documentation, signing all applicable paperwork and completing the eligibility requirements. A separate First Time Home Buyer Club account will be established if you meet the enrollment guidelines.
TIPS FOR FIRST TIME HOME BUYERS
Other restrictions may apply. For specific information on income guidelines by county or for any questions, please contact the NYU Federal Credit Union at 212-995-3171; 212-995-3172; 212-995-3392 and 212-995-3166 or email at firstname.lastname@example.org