Suffolk Federal’s First Home Club Enables First Time Home Buyers to Purchase Home of their Dreams

For many, the purchase of a new home is a fulfillment of the American dream. It can be an exciting process, one that provides an opportunity to establish roots in a community, create a foundation for stability and security and which provides a place to call your own. According to the National Association of Realtors, first time buyers made up 32% of all home buyers with 67% of first time home buyers 35 years and younger and 26% of first time home buyers 36 to 50 years

For those lucky purchasers in Suffolk County ready to embark on this journey, it is important to ensure that you are working from a financially secure position. Thanks to Suffolk Federal, new financing assistance is now available.

Suffolk Federal is offering its members the Federal Home Loan Bank of New York’s First Home Club (“FHC”), designed to assist moderate and low-income first-time homebuyers in the purchase of a new home. “At Suffolk Federal, we know how exciting it is to purchase your first home however the financial process can be overwhelming,” said William J. O’Brien, President & CEO of Suffolk Federal. “We are offering potential first time home purchasers a wonderful opportunity to purchase the home of their dreams while saving ahead of time for all costs involved. For each $1 saved, eligible members can receive $4 in matching grant funds (up to $7,500) to use towards their down payment and closing costs,” he explained.

A “First Time Home Buyer” is defined as an individual and his or her spouse who have not owned a home during a 3-year period prior to the purchase of the new home. To qualify for The First Home Club a purchaser needs to fulfill the eligibility requirements below (see link)

More information about First Home Club can be accessed through these helpful links which can also be found on Suffolk Federal’s website at www.suffolkfcu.org/holiday-vacation-club:

• Download FHC Application

• Eligibility Requirements

• First Home Club in 10-Easy Steps

• See How Your Savings Can Add up

Should you not qualify for the FHC program, Suffolk Federal also offers the First Time Home Buyers Club account which is designed to help a purchaser save for this great investment and which will reward saving efforts at the same time.

To learn more, go to www.suffolkfcu.org/holiday-vacation-club, email sfcumail@suffolkfcu.org or call 1-866-774-2384 to speak with a Home Finance Consultant.

About Suffolk Federal

Suffolk Federal is a not-for-profit cooperative financial institution chartered in 1967 by the National Credit Union Administration (NCUA), and is owned and operated by its members. The volunteer-directed credit union, with assets in excess of $1 billion, offers membership to anyone who lives, works, worships or attends school in Suffolk County NY. Suffolk Federal offers all members incredible benefits like free checking, free online banking, low interest rates on home and auto loans and much more. To learn more, visit www.suffolkfcu.org, call 631.924.8000 or visit any Suffolk Federal branch today.