COURT HOUSE — Justin Beasley and Sonya Davis are the newest members of Sturdy Savings Bank’s First Home Club. The Dennis Township residents were able to purchase their home with the help of the program, which provides qualifying buyers grants of up to $7,500 toward the purchase of a house.
Those eligible for Sturdy’s First Home Club can earn up to $4 for every $1 they save for a home, or a maximum grant of $7,500.
Beasley and Davis, recently closed on their new home with Santa Vinci, Sturdy Savings Bank’s Loan Closing officer, and Jim Kerrigan of ReMax at the Shore. The settlement was at Mutual Title Agency in Wildwood Crest.
Sturdy Savings Bank is the only local community bank participating in the Federal Home Loan Bank of New York’s First Home Club program.
“Sturdy Savings Bank, in partnership with the Federal Home Loan Bank, is pleased to assist deserving individuals and families by improving homeownership opportunities to this underserved segment of our community,” said Kevin Deely, vice president, Senior Residential and Consumer Lending manager.
The First Home Club program is a great resource for low to moderate income individuals hoping to purchase their first home. It makes home ownership a reality for families struggling to acquire a home using traditional lending programs.
Some of the requirements to be eligible for the First Home Club are:
Borrowers must:
1. Meet the established definition of a First Time Homebuyer
2. Meet established income criteria based on household size
3. Open a dedicated savings account with Sturdy Savings Bank and agree to regularly save for a minimum period of 10 months.
4. Be pre-qualified for the FHC program as well as projected mortgage financing with Sturdy Savings Bank
5. Attend homebuyer counseling prior to home purchase
Sturdy Savings Bank is committed to helping Cape May County residents realize their home ownership dreams. Call Deely at 463-5210 for more information about the First Home Club and other home loan programs.
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