First-time homebuyers

First Home Club Savings Assistance

We partner with the Federal Home Loan Bank of New York to provide up to $7,500 in financial assistance to eligible first-time homebuyers!

Who Qualifies?

To enroll in the First Home Club, homebuyers must meet the following qualifications:

  • Must be a first-time homebuyer, according to the program guidelines
  • Must buy a home in our service area
  • Total gross household income must be 80% or less of the area median income
  • Must save systematically each month for a minimum of 10 months
  • Obtain mortgage from Saratoga National Bank
  • At closing, execute a subordinate mortgage ordered restriction for subsidiary funds for a five-year term

How It Works

Determine Eligibility and Enroll: Call us to determine your eligibility and then you can enroll anytime.

Save for a Minimum of 10 Months: To qualify for matching funds, you must systematically save using a dedicated Saratoga National savings account for 10 to 24 months.

Complete a Homebuyer Counseling Program: This will help prepare you for the purchase process that is ahead.

Earn Matching Funds: Through this program, you can receive a 4:1 match of up to $7,500 to be used toward your down payment and/or closing costs. Another $500 can be added to the grant for the defrayment of non-profit housing agency counseling costs.

Keep Home for Five Years: You must own the home for five years; otherwise a prorated portion of the grant may need to be paid back.

Start With a Free Consultation

Call us to find out how to get started! We can determine if you're eligible for this program and help you get started saving and on the path to homeownership.


For more information, contact one of our Mortgage Professionals.