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You > Loans > Mortgages > Affordable Home Mortgages

First Home Club (SM)

CNB Mortgage Company has a variety of affordable mortgage solutions designed to make your dream of owning a home within your reach.

CNB Mortgage Solutions:
  • First time home buyer
  • Low down payment / $0 down payment
  • Closing cost assistance
  • Grant opportunities
  • First Home ClubSM - earn up to $7,500 towards your down payment

It's fast, easy and secure.

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First Home ClubSM Facts

What is the First Home ClubSM?

The First Home ClubSM is a program financed by the Federal Home Loan Bank of New York (FHLBNY) to assist individuals and families in earning a grant up to $7,500 toward down payment and closing costs associated with a first home purchase.  Assistance may be granted to participants who successfully establish a dedicated savings account at any participating bank and make regular deposits into the account during a 10 to 24-month period.

How does it work?

The Federal Home Loan Bank of New York will provide four dollars in matching funds for every dollar saved in a dedicated savings account to qualified first-time homebuyers.  Participants are required to make equal systematic monthly or bi-weekly deposits.  The amount and duration will be determined at enrollment and listed on the partcipants’ enrollment terms and conditions form.  At the time of enrollment participants will also be required to attend a homebuyer counseling program.

How do I qualify?
  • The participants' total household income must not exceed 80% of the area median income for their current place of residence, adjusted for household size.  The income limits must meet the Mortgage Revenue Bond Median Income Guidelines for New York State.
    The Guidelines for Monroe & Ontario Counties as of 2012 are:*  
    • 1 & 2 person household's income cannot exceed $56,320.
    • 3+ person household's income cannot exceed $64,768. 
  • "First-time homebuyer" means an individual and his or her spouse who has not owned a home within the last 3 years.
How do I sign up?

Contact either NeighborWorks of Rochester1 or The Housing Council2 to determine your household’s eligibility and learn the steps of how to participate in the First Home ClubSM program.

Is there a catch?

In order to receive the matching grant funds the participant must adhere to the established savings schedule.  Participants must remain in the house for at least five years; if the home is sold before the five years are up, participants will be required to repay a portion of the grant funds back to the Federal Home Loan Bank of New York.

Participants must obtain a mortgage through the bank in which they complete their savings plan.  Approximately one or two months before the end of the savings plan, participants must qualify for a mortgage before grant funds will be awarded.  Maintaining the First Home ClubSM savings account does not guarantee a mortgage approval or approval of the grant.

What if I sign up and do not complete the savings plan?

If participants do not complete the savings program, they will not be eligible to receive the matching grant funds.

If participants do not complete the savings program, but wish to continue in the program, participants have the option to start over and re-enroll.

If participants start the savings plan and experience financial difficulties, participants will not automatically become ineligible.  Participants should contact their non-for-profit organization or Kelly Richard Crane at Canandaigua National Mortgage Company3, for assistance in meeting financial challenges related to the savings plan.plan.

* Guidelines for surrounding counties may vary.
1) NeighborWorks of Rochester (585) 325-4170
2) The Housing Council (585) 546-3700
3) CNB Mortgage Company: Pittsford (585) 385-2370 Canandaigua (585) 394-9100

Contact Information

NeighborWorks Rochester
(585) 325-4170

The Housing Council 
(585) 546-3700

CNB Mortgage Company
Pittsford Office
63 Monroe Ave, Suite A
Pittsford, NY 14534
(585) 385-2370

Canandaigua Office
72 South Main Street
Canandaigua, NY 14424
(585) 394-9100

 CNB Mortgage Company is a wholly owned subsidiary of Canandaigua National Bank & Trust. 

 CNB Mortgage Company is a wholly owned subsidiary of Canandaigua National Bank & Trust.