First Home Club Program
Magyar Bank, in conjunction with the Federal Home Loan Bank of New York, has developed a program exclusively for low and moderate income families looking to buy their first home. Participants who successfully complete this program receive up to $7,500 in matching funds to assist in covering the down payment and closing costs.
Magyar's First Home Club requires participants to complete a comprehensive Homebuyers Counseling program that provides homebuyers with valuable information on the home buying process. Local experts will speak to participants in a small and informal setting on a variety of topics including budgeting, credit counseling, completing the mortgage loan application, the role of the attorney, house contracts and closing procedures. Classes are held locally, with the majority taking place at Magyar's Corporate Headquarters in New Brunswick.
In order to qualify for the matching funds, participants are also required to deposit a fixed dollar amount on a monthly basis into a savings account for a 10-month period. Participants who complete the Homebuyers Counseling program and the savings requirement are eligible for a $4 to $1 match from the Federal Home Loan Bank of New York on the money deposited into their savings account, with a maximum match of $7,500.
To learn more about this program, or for information on eligibility requirement, call Frank Lankey at 732-342-7600, ext. 193.