The Summit Federal Credit Union has launched its First Home Club, a program to help members of The Summit save money for the down payment and closing costs of a first home. After completing a savings plan through The Summit, first-time homebuyers are able to earn a grant of up to $7,500 toward these costs.
“The Summit’s financial products are geared toward serving members at every phase of their lives,” said Cheryl Pohlman, vice president of marketing and community relations at The Summit. “This program helps first-time homebuyers get to a place financially where they can make that purchase.”
The Summit’s First Home Club is a 4-to-1 matching grant program; the member gets $4 for every $1 they save, up to $1,875. Once members complete the savings program, which takes between 10-14 months, they receive a grant of up to $7,500. The full grant, combined with their First Home Club savings, could give them $9,375 to put toward a down payment and closing costs.
“One of the biggest barriers to owning a home is saving enough money for those initial costs,” said Keith Thompson, mortgage manager for The Summit. “With the First Home Club, The Summit matches a portion of members’ savings, which encourages members to save more.”
Benefits of the First Home Club extend beyond the homeowners themselves. “Another important part of what we do at The Summit is to strengthen our members’ communities,” said Pohlman. “Owning a home often spurs homeowners to become more committed to the well-being of their community. Perpetuating that kind of commitment is what The Summit is all about.”
To participate in the First Home Club, interested members must meet certain guidelines, open a dedicated savings account at The Summit Federal Credit Union and, after completing the homeownership counseling program and savings plan, obtain their mortgage from The Summit. For program details, visit summitfcu.org or any Summit branch.
About the Summit Federal Credit Union
Founded in 1941, The Summit Federal Credit Union is a not-for-profit, member-owned, full-service financial cooperative. With approximately $800 million in assets, The Summit has over 230 employees and provides a full range of affordable financial products and services to approximately 80,000 active members in Central and Western New York. For more information, visit summitfcu.org.
