First Time Home Buyer Programs


What Are They?

  • Assets for Independence (AFI) and First Time Home Club (FHC) are savings programs designed to assist first time homebuyers purchase a home.
  • AFI and FHC are match-savings programs. For every $1 a participant saves, the program will match $4 for a potential grant of up to $7,500.
  • In order to receive the full $7,500 match, a household must save $1,875.
  • Funds provided by the program will provide down payment and closing cost assistance.

How Are They Similar?

  • Both are savings programs.
  • The match is $4 for every $1 a participant saves.
  • The total grant is up to $7,500.
  • Participants must complete a homebuyer education course.

Who is eligible?

  • Participants must meet the definition of a first time homebuyer.
  • Participants must meet income guidelines.
  • Participants must make systematic deposits into a savings account.
  • Participants must complete the homebuyer education course.
  • Participants must have at least 2 years of satisfactory credit history.

What are the differences? First Home Club:

  • Must save with Steuben Trust Company
  • Must obtain mortgage financing from Steuben Trust Company
  • Must purchase a home within Allegany County
  • Income must be at or below 80% of Area Median Income at time of enrollment
  • Participants must save for 10 - 24 months
  • Participants must sign a 5 year lien in the amount of the grant funds. 20% is forgiven each year.

Assets for Independence:

  • Must save with Chase-Manhattan Bank (savings through the mail)
  • Can obtain mortgage financing through any bank
  • Can purchase a home anywhere
  • Income must be under 200% of the Poverty Level Income Limits
  • Must be employed a minimum of 30 hours per week
  • Participants are required to sign a savings plan agreement
  • $25.00 minimum to open the savings account
  • Participants receive a letter of participation and deposit schedule
  • Participants can use their Earned Income Tax Credit for up to half of their savings goal
  • Participants can make "interim withdrawals" from their savings for home purchase readiness, such as mortgage application fees, inspections, appraisals, etc.
  • Withdrawals made for these purposes will not negatively affect your AFI match
  • There is a net worth test in addition to income qualifications
  • The value of your assets cannot exceed $10,000
  • Participants must be employed
  • Applications can be denied due to high debt

What Are The Benefits?

  • Down payment and closing costs are expensive!!
  • Savings period allows time to work on any minor credit issues which translates into more buying power.
  • Homebuyer education requirement
  • FREE MONEY!

To speak with a program representative or to set up an appointment, please contact:

Belfast ACCESS Center
Edna Elling, Services Navigator
44 Main Street
(585) 365-2157
TDD (800) 877-8339
Email the Belfast ACCESS Center

Belmont ACCESS Center
Sylvia McComb, Services Navigator
84 Schuyler St
(585) 268-7605
TDD (800) 877-8339
Email the Belmont ACCESS Center

Bolivar ACCESS Center
Theresa Carl, Services Navigator
71 Boss Street
(585) 928-1471
TDD (800) 877-8339
Email the Bolivar ACCESS Center

Wellsville ACCESS Center
Theresa Roeske, Services Navigator
289 North Main St
(585) 593-6106
TDD (800) 877-8339
Email the Wellsville ACCESS Center