First Time Buyer
We offer a “First Home Club Program” which is offered in conjunction with the Federal Home Loan Bank of New York (FHLB).
How it works
- Open a dedicated First Home Club savings account at Rondout Savings Bank.
- Rondout Savings Bank will pay 2% above the bank's current savings rate on your First Home Club savings account (up to a maximum of $5,000.00) for every one dollar saved in your dedicated account.
How you qualify
- You must be a first time home buyer (no previous homeownership within the past 3 years)
- Income restrictions apply and are provided by RUPCO
- You must complete the Homeownership Counseling program offered by RUPCO
- You must open and maintain a Rondout Savings Bank First Home Club savings account for a minimum of 10 months to a maximum of 30 months and agree to regular systematic monthly deposits.
All loans are subject to credit approval.