Affordable Housing Alternatives
The First Home Club *
Our First Home Club Program can provide grant funds of up to $7,500 towards the down payment and closing costs for qualified first-time home buyers. Participants in this special savings program earn $4 in matching funds for every $1 saved, which is a big help towards achieving the dream of home ownership. Available for residents of New York and New Jersey only.
If you're planning on purchasing a home in New York State and want to learn more about HSBCs First Home Club, click here for a complete application and more detailed information.
Special Affordable Mortgage Product
HSBC's signature affordable mortgage product is CommunityWorks, designed to complement grants and low-interest loans used for closing costs. The low interest rate mortgage was created to accommodate borrowers with limited funds for down payment and closing costs. Borrowers can qualify for the special rate product by meeting income eligibility guidelines or by purchasing a home in a low-to-moderate income census tract.
Here are some of the features of CommunityWorks:
- a below market, extremely competitive interest rate
- just a 3% down payment requirement for 1- and 2-unit properties
- a variety of acceptable funding sources for closing and down payment costs
- no payment reserve requirement for 1-2 unit properties
For more information about our mortgage products call: 1-800-62-APPLY (1-800-622-7759).
* The First Home Club and the Affordable Housing Program is made available to HSBC as a member of the Federal Home Loan Bank of New York.
