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What is it? A matched savings program administered by the Federal Home Loan Bank of New York to provide qualified homebuyers with down payment or closing cost assistance. What do you get? It is a three-to-one match program: for every $1 you save, you will be matched $3, up to a total of $5,000 in matching funds. For example, if you save $1,200, you will be matched with $3,600, for a total of $4,800. You can then use this total amount as part of the down payment or closing cost for your new home. How long do you get it This is a one-time payment, but you must save for a minimum of 10 months and a maximum of 30 months to qualify for the matching funds. |
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