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Making Home Ownership More Affordable

GRB participates in a number of special promotions and lending programs designed to make the dream of owning a home more accessible.

GRB and the Federal Home Loan Bank of New York (FHLBNY) work together to provide down payment assistance to qualified first-time homebuyers. The First Home Club provides $4 in matching funds at closing for every $1 saved in a dedicated First Home Club Savings Account at GRB, up to a total grant amount of $7,500. Before purchasing a home, participants make monthly deposits into this account over a 10- to 18-month period.

First Home Club eligibility requirements

  • Must be first-time homebuyers (have not owned a home individually or with a spouse in the last three years)
  • Reside and purchase a home in New York
  • Have a household income at or below 80% of area median income (up to $62,240 for 1- and 2-person households, up to $71,576 for 3+ person households as of August 2018)
  • Complete an accredited homeownership course
  • Remain in the home for five years or repay a portion of the grant funds back to FHLBNY

Important information

  • Participants are not eligible to receive the matching funds if they do not complete the savings program
  • Maintaining the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant
  • All funds are applied towards down payment and closing costs

Find out if you qualify 

Contact Mortgage Professionals

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