Get up to $3,000* toward the purchase of your first home!
Purchasing your first home is a major financial milestone. With Five Star Bank’s Home Savings Club program, we recognize the hard work it takes to save for a down payment. For every $1 you save in a Home Savings Club account, Five Star Bank will grant $3 to you – up to $3,000* in total.
Program highlights:
- Open a dedicated savings account for the purchase of your first home
- Develop savings discipline by making deposits over a 10-24 month period
- Funds saved and funds granted can be used toward down payment and closing costs
- Complete a homeownership course from an approved provider
- Be a first-time home buyer
- Have a total qualifying income of 80% or below of the Area Median Income for your residence county
- Reside in New York State
Once eligibility is confirmed, you will receive a Five Star Bank Home Savings Club approval letter through email from our program administrator. Take this letter to any Five Star Bank branch to open your dedicated Home Savings Club account. For more information, read our Steps to Savings document.
*Five Star Bank will provide up to a $3,000.00 lender credit at the time of closing that may be used towards down payment and closing costs. Total value of credit is determined by the total savings account balance at the time of mortgage closing. Five Star Bank will match $3.00 for every $1.00 saved up to $3,000.00 in total.
To qualify for the Five Star Bank Home Savings Club program, you must: 1) have qualifying income at or below 80% of the Area Median Income. Consult with a Five Star Bank Mortgage Loan Originator to verify eligibility into the program; 2) open a Home Savings Club Account at your local branch; and 3) satisfy all minimum monthly deposit requirements of the Home Savings Club program. A $25.00 minimum deposit is required to open a Home Savings Club account. Geographic and other restrictions apply. Program subject to change without notice.
