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Affordable Housing through HSBC
The First Home Club1
HSBC Bank USA, N.A. is pleased to introduce the First Home Club matched savings program, available for prospective home buyers in New Jersey and Downstate New York State. Financed by the Federal Home Loan Bank of New York, this 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, (up to $1875), which is a big help towards achieving the dream of home ownership.
If you're planning on purchasing a home in New Jersey and Downstate New York State and want to learn more about HSBCs First Home Club, click here for a complete application and more detailed information.1
Highlights of the program:
First-time homebuyer - A first-time buyer is defined as anyone who has not owned a home for three (3) years. Single parents and displaced homemakers who owned or resided in a home with a spouse during the last three years are also first-time home buyers.
Maximum Grant - The maximum grant allowed is $7,500. This means that the $4 matching funds will be provided for the first $1,875 saved.
Length of the plan - The length of the savings plan runs from 10 to 24 months.
Income limits* - To qualify, your annual household income must be at or below the Mortgage Revenue Bond income limit in the New York State County where the you currently reside.
Mortgage application - As a participating First Home Club lender, HSBC Bank USA N.A. will help you open your savings account and provide assistance in the mortgage application process.
Home Buyer Education - You must complete a homebuyer education course from an HSBC-approved counseling provider before the mortgage commitment expires. This program assists first-time home buyers in the areas of financial planning, monthly budgeting, the home buying process and other related topics.
Ready to Apply:
By Phone - 1-888-313-7247
By E-mail - Via secure online form
In Person - Visit one of our locations
HSBC Bank offers a special affordable mortgage - CommunityWorks®2
HSBC Bank's signature affordable mortgage product is CommunityWorks, designed to complement grants and low-interest loans used for closing costs. This low interest rate mortgage program was created to accommodate borrowers with limited funds for down payment and closing costs. Borrowers may qualify for a special rate product by meeting certain income and other eligibility requirements or by purchasing a home in a low-to-moderate income census tract.
Here are some of the features of CommunityWorks:
- A below market, competitive interest rate
- 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 unit properties
For more information about our mortgage products call 800.622.7759. For a new application, call: 888.346.1717.
1 Program may be subject to change. Eligibility is subject to HSBC Bank review and approval. Certain income level restrictions apply. Withdrawals are not permitted unless they are related to the purchase of a home. Withdrawals not related to the purchase of a home may result in disqualification from receiving the grant. Registration in the First Home Club does not guarantee approval of any mortgage through HSBC Bank USA, N.A. for which you may apply. The First Home Club Program is made available to HSBC as a member of the Federal Home Loan Bank of New York.
2 CommunityWorks eligibility is subject to credit review and approval. Certain income level restrictions apply depending upon property location. Eligible properties must meet FannieMae guidelines. Condominiums may have additional loan to value (LTV) restrictions. Geographic restrictions apply.
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