BNB can help make purchasing your first home easier.
If you live in New York State and are a first-time home buyer*, SONYMA (State of New York Mortgage Agency) loans may be a great choice for you. Designed to provide affordable mortgage financing, SONYMA loans offer you the chance to buy an existing home or build a brand new one.
First Home Club **
BNB is proud to be a participating member of the Federal Home Loan Bank of New York’s First Home Club program. This savings account can be used to provide assistance with down payments and closing costs to first-time homebuyers*.
**The First Home Club is a grant program in New York that provides down payment and/or closing cost assistance to first-time homebuyers who meet income and eligibility guidelines. This grant program through the Federal Home Loan Bank of New York may match four dollars for every dollar you save, up to a maximum assistance grant of $7,500. Borrowers must save $1,875 of their own funds to maximize the matching grant funds.
A BNB Bank Loan Officer will help you determine if you are qualified and enroll you in the program. Once qualified, you’ll be provided with a First Home Club Referral Authorization Form so you can open your savings account and get started.
In order to be eligible, you must meet the following conditions:
- Purchase and reside in a home in New York State or New Jersey
- Be a first-time homebuyer purchasing a 1- to 4-family home, condo or co-op
- Plan to occupy the home for at least 5 years
- Household income limits apply
- Complete an accredited homeownership course
* Requirements and Exclusions may apply | All lending products are subject to credit and property approval.
Home Ownership Counseling is required for both programs. Visit one of the below organizations to find out how to get started.
AAFE Community Development Fund
Community Development Corporation of Long Island
Long Island Housing Partnership
Center for NYC Neighborhoods