First Home Club

Now The Summit makes it easier than ever to buy your first home. For every $1 saved, you could be eligible to receive $4 in matching grant funds up to $7,500. Use the matching funds towards a down payment and closing costs for the purchase of your first home.

What are some perks of the program?

  • Receive up to $7,500 grant3.

  • Reduction in our Origination Fee by $100.

  • No PMI (Private Mortgage Insurance) required.

Who is eligible for the program?

In order to take advantage of this offer you must:

  1. Be a first-time homebuyer4.
  2. Have an income 80% or less of the median income level of your area.
  3. Open a dedicated savings account with The Summit Federal Credit Union and agree to save monthly for a minimum of ten months. The goal is to save a total of $1,875 over a 14 month time frame.
  4. Obtain mortgage financing from The Summit.
  5. Complete a homebuyer counseling program.

How to Get Started

If you’re interested in learning more about the First Home Club, call (585) 453-7010 or (800) 836-7328 extension 7010 or email

The Summit is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. All mortgage programs at The Summit Federal Credit Union require credit and property approval. You must be a Summit member to apply. All terms and conditions may change at anytime without prior notice. Mortgage loans are only available for owner-occupied 1-4 family properties located in New York State. The Summit Federal Credit Union, NMLS#: 454066

Closing costs may include, but are not limited to, a title search, mortgage tax, filing fees, abstract redate, flood certification fee, credit union attorney fee, and title insurance and are estimated to range from 3.0% to 5.0% of the amount borrowed.

Termination fees apply; buyer must keep mortgage for three years from the anniversary date of the mortgage recording to avoid repayment of the closing costs. If buyer pays off the loan prior to the third anniversary date of the mortgage recording, buyer must reimburse The Summit the costs of the fees it paid on the buyer’s behalf.

The First Home Club is a program provided through the Federal Home Loan Bank of New York to help members save money toward down payment and closing costs. Households may earn a grant of up to $7,500 towards down payment and closing costs by completing a dedicated savings plan through The Summit. A list of preliminary qualifications associated with the First Home Club can be found on the Federal Home Loan Bank website.

A first-time homebuyer is defined as an individual who has had not owned a home during the 3-year period prior to the purchase of the new home.