First Home Club

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Join the Flushing Bank First Home Club

 

Since 1929 Flushing Bank has been helping individuals, families and communities grow and prosper. As your local community bank, we are small enough to know you yet large enough to provide you with a full line of products to meet your banking needs and help you reach your financial goals. As such, we are committed to helping you through your first home buying experience and are happy to have the opportunity to help you make the American Dream come true by introducing the Flushing Bank First Home Club. As a Flushing Bank First Home Club member, qualified applicants may be eligible to receive a grant up to $7,500 that must be applied to the down payment and/or the closing costs of the purchase of a home.1 


To qualify for the Flushing Bank First Home Club you must:

  • Apply and get approved for the First Home Club program
  • Be a first time homebuyer purchasing a 1-4 family home, condo, or co-op2 
  • Open and make systematic monthly payments into a the Flushing Bank First Home Club savings account for 10—24 months for which you will receive a match of $4 for every $1 you save3 
  • Purchase and reside in an eligible property in New York State
  • Plan to occupy the home for at least 5 years
  • Have a household income at or below 80% of the median income in the area where you currently reside
  • Complete an accredited homeownership course
  • Complete the FHC Enrollment Terms & Conditions Agreement (FHC-104)
  • Obtain a mortgage from Flushing Bank and at closing, execute a subordinate mortgage for subsidy funds for a five-year term
  • Meet other eligibility requirements as requested4 



For more information about the Flushing Bank First Home Club speak with a Flushing Bank representative or call 800.581.2889 (855.540.2274 TTY/TDD).

To apply for the Flushing Bank First Home Club account download the Application Kit.


1) Applicants must meet certain income and credit requirements. All loans and lines of credit are subject to credit approval. 2) As defined by the Federal Home Loan Bank of New York (FHLBNY). Purchase price of the property cannot exceed $500,000. 3) The maximum matching deposit is $7,500. Withdrawals are not permitted while enrolled in the Flushing Bank First Home Club program. Funds must remain on deposit until qualified withdrawals are made for closing costs and other related fees. Withdrawals from this account must be directly related to the home purchase under the program. If a withdrawal is made from the account prior to reaching the goal, you will be disqualified from the program. 4) Other eligibility requirements, information and documentation may be requested and required for submission and approval. This program is sponsored by the FHLBNY. Other restrictions and eligibility requirements apply. Offer and program are subject to change and termination any time without prior notice. Speak with a Flushing Bank representative for more details.