Receive Up to $7,500 from Metuchen Savings Bank Toward Your First Home
Owning your own home is part of the American Dream. Metuchen Savings Bank is helping to make that dream come true, right now. We're committed to individuals, families and the communities we serve. Here's how...
As a member of the Federal Home Loan Bank, Metuchen Savings is making grant funds available to qualifying individuals and families in the community. For every $1 you save, we'll give you $4.
Before purchasing your home, you'll make monthly deposits to your First Home Club Savings Account. For every dollar you save, Metuchen Savings Bank will give you four dollars — up to $7,500 toward the down payment and closing costs* on your new home.
*Matching funds are provided at closing in the form of a forgivable second lien against the property.
It's Easy To Enroll!
Starting Your First Home Club Account
Matching funds for the First Home Club are limited. To apply, you must first contact Metuchen Savings Bank. At your initial consultation you will need to bring the following information:
We're With You Every Step of the Way
You'll also receive home ownership training that will help you understand the home buying process. The program covers:
Frequently Asked Questions
Q. Who is a "first-time buyer"?
A. Anyone who has not owned a home for the past three years is a first-time home buyer. 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.
Q. What income level must I have to qualify?
A. Your household income must be at or below 80% of the median income in the county where you currently reside.
Q. How long must I have a First Home Club savings account?
A. You must make regular deposits to your account for at least 10 months and no more than 24 months before buying your home.
Q. Who will provide my mortgage?
A. As a participating First Home Club lender, Metuchen Savings Bank will help you open your savings account and will provide your mortgage.
For additional information about qualifying for this program, Please call James Mazzola at 732-548-7400 x 6370 NMLS ID# 445146