HRCCU’s First-Time Homebuyer Dream Program

If you are a first-time homebuyer, HRCCU can make your dream of being approved for a mortgage and owning a home that much easier to come to fruition.

With our Homebuyer Dream Program, qualified borrowers may receive a grant up to $9,500 towards a down payment and/or closing costs.

Buying your first home can be daunting.

Maybe you’ve been told that first-time home buying is a process riddled with endless paperwork and hidden fees.

At HRCCU, we strive to make your home buying experience painless. Our team will guide you through every step, always with your best interest at the forefront.

By financing your mortgage through a credit union, you have more options than those at banks or other financial institutions — like the First-Time Homebuyer Program.

Eligibility Requirements

Borrowers must be a first-time homebuyer who have not owned a home in the last three years.

Income limits apply and are based on the location of the home you hope to purchase. The income limit is at or below 80% of the Area Median Income for the county in which the household is purchasing.

For HRCCU members, this includes Saratoga, Warren, Washington, and Rensselaer counties. It also includes the towns of Cohoes, Watervliet or Green Island.

Homebuyers must also be able to show that they have $1,000 in a savings account to cover down payment and closing costs. A first time home buyer certification is also required by an approved HUD counselor.

For a full list of eligibility requirements, visit the Federal Home Loan Bank’s Homebuyer Dream Program Guidelines.

What Defines a First-Time Homebuyer?

Participants must meet the definition of a “first–time homebuyer” which, based on the definition by the U.S. Department of Housing and Urban Development (“HUD”), is defined as an individual who meets any of the following criteria:

• An individual or spouse who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property.
• A single parent who has only owned a principal residence with a former spouse while married.
• An individual who is a displaced homemaker and has only owned a principal residence with a spouse.
• An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
• An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.

The Benefits of HRCCU’s First-Time Homebuyer Program

• There is no application fee.
• HRCCU is a not-for-profit, so the goal is to help members secure a home loan that works best for them. We aren’t just trying to make money off of our members — we are on your side, supporting and guiding you through this process.
• Members can apply for a mortgage online.
• HRCCU never charges Private Mortgage Insurance (PMI), a costly additional fee that does not protect the buyer, but rather the financial institution.
• HRCCU offers a very simple process for obtaining credit approval going into the home search process, providing our members with pre-qualification. Once the desired property is found, members can return to HRCCU for assistance through the loan process.

Enroll in the First-Time Homebuyer Program Today

This program is offered on a first come, first served basis starting on May 3, 2021, so don’t miss out.

When it’s time for you to embark on the very important first-home purchase, our financial experts are ready to help make your home-buying dreams come true.

Contact an HRCCU Mortgage Specialist today to learn more and apply for the Homebuyer Dream Program.