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First Home Club helps first time buyers

Lori Posato is in the market for her first home. She is open to a number of different neighborhoods and styles in the $140,000-and- under price range and doesn’t mind a fixer-upper.

Posato, 23, knows that it takes hard work and perseverance to achieve her dream of home ownership. To save money, she is living at home with her parents and saving money toward a down payment through a First Home Club program at ESL Federal Credit Union.

“I figured I’d skip renting and go straight to home ownership,” she said.

Posato is currently in the midst of saving $188 a month for ten months, which will qualify her for a four-to-one match on her savings, or $7,500, through the First Home Club program at ESL.

In addition to ESL, a number of other local lending institutions, including First Niagara, Canandaigua National Bank & Trust, First Federal Credit Union and M&T Bank, offer the program.

The Federal Home Loan Bank of New York’s First Home Club is a set-aside of the Affordable Housing Program that is designed to assist income eligible first-time home buyers in the purchase of a home. Assistance is provided in the form of matching funds based on the home buyer’s savings with a dedicated savings account. The matching funds up to $7,500 may be used toward the down payment and/or closing costs for the purchase of a home. ESL is one of the members of Federal Home Loan Bank of New York.

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