First Home Club

Matched savings program for first time home buyers* in need of a down payment and/or closing cost assistance.

Good to know……

$4 to $1 savings match for down payment and closing costs toward your new home.

Everyone dreams of owning their first home, let Adirondack Bank help you realize your dream.  Open a First Home Club savings account and you may receive grant funds up to $7,500 with a $4 to $1 savings match for down payment and closing costs toward your new home.  Adirondack Bank and the Federal Home Loan Bank of NY (FHLBNY) are working together to provide grants like this for qualifying individuals and families in the community.

  • $100 monthly minimum balance required
  • Interest bearing – Interest calculation based on daily accrual on balances over $100
  • eStatements available (No more waiting for paper statements in the mail)
  • TeleBanc (24-hour telephone banking service)
  • Online Banking (Available 24/7, wherever you can access the Internet)
  • ADK on the Go - mobile banking
  • Direct Deposit available (No more waiting for a check to arrive)
  • Interest accrued daily/paid monthly. Interest automatically deposited into your account

Minimum deposit of $25 required to open.  Must maintain minimum balance requirement to earn interest.  See current rate sheet.

Eligibility requirements are as follows:

  • Must meet the definition of a first time home buyer*
  • Household income must be at or below 80% of your area median income at time of enrollment**
  • Reside and purchase a home in New York
  • Complete an approved home buyer counseling program (this can be done online)
  • Make monthly (calendar) deposits into a dedicated Adirondack Bank savings account for a period of 10 - 24 months
  • Apply for mortgage financing with Adirondack Bank

*The definition of a first time home buyer based on Federal Home Loan Bank of New York (FHLBNY) includes, but is not limited to an individual who has not owned a home for three (3) years; single parents and displaced homemakers who have owned or resided in a home with a spouse.  **Ask a Branch Banking Representative for details based on your county.  The First Home Club is a grant/savings program provided by the FHLBNY.  To qualify for the maximum grant of $7,500 you must save at least $1,875 at the end of your savings period.  Any missed deposits or withdrawals from the account prior to grant approval may result in termination from the grant program.  Conditions and restrictions may apply.  All loans are subject to credit approval.  This is not a commitment to lend or extend credit.  Information and offer are subject to change without notice.


Back to Top