Couple moving into house with boxes

Home Buyer Programs

Why rent when you can own?

If you are dreaming of home ownership but need a little assistance to get there, turn to Greater Alliance! We have several first-time home buyer programs that can help get you in a new home. Learn more about our:

Home Buyer Savings Program

A home is one of the biggest purchases you can make, and we are here to help you save and give your $1,0001 credit towards your closing costs!

Start saving and earn a reward in 4 easy steps:

  • SIGN UP  for GreenPath’s Homebuyer Counseling and Education Programor call 877-337-3399 GreenPath is committed to assisting our members in moving towards successful homeownership
  • Pre-Qualify for a Mortgage – Contact Greater Alliance Mortgage Representative to pre-qualify for a mortgage, and learn about ways to get ready for  buying while you are saving for a house.
  • Open a Home Buyer Savings account to earn dividends and save a minimum of $100 a month for 15 months.
  • And receive $1,000 credit towards the closing costs on your Greater Alliance mortgage.

1To obtain the $1,000 credit on your GAFCU mortgage, you must: (1) make net deposits of no less than $100 and no more than $500 each month and must make regular deposits into the Home Buyer Savings account for a minimum of 12 months or a maximum of 15 months, one missed deposit allowed for the15 month period; (2) you must separately qualify, be approved and close on a mortgage loan with us within 15 months after opening the savings account; (3) your deposit account must remain open until you close on a mortgage loan with us to receive the credit; (4) if the mortgage is paid off within two years of the date of closing you will be required to repay the $1000 credit to the credit union; (5) only one credit per mortgage loan; (6) mortgage loan limited to an amount not to exceed $474,999; (7) the mortgage must be used to buy your first primary residence; (8) if after 15 months from the opening of the deposit account you have not closed on a mortgage loan than the deposit account will be closed and the funds in the account will be transferred to the regular Savings Account at the credit union and the credit union will have no obligation to credit any funds towards your closing costs.

2GreenPath will contact the members with instructions to complete a one-on-one Pre-Purchase counseling session to assess the member’s readiness to becoming a homeowner. With the member’s consent, GreenPath will notify the credit union upon members’ completion of the counseling and their readiness to becoming a homeowner. After the counseling is completed, the member will be instructed to complete the online homebuyer education by visiting The cost for this online course is $25.

3 APY means Annual Percentage Yield accurate as of 3/5/2018 and subject to change without notice. $100 Minimum balance requirement to open the account. Must have a minimum deposit of $100 or a maximum amount of $500 into the Home Buyer Savings account each month. 0.20% APY paid on all balances up to $7,499 and 0.15% APY paid on any balances above $7,500 and over. Terms, conditions and withdrawal limitations apply. This does not represent a formal commitment for and participation in this savings plan does not guarantee that we will provide you with a mortgage loan. Other fees may apply. Fees may reduce earnings.

This offer is available only to members of the credit union. Membership in the credit union requires a minimum deposit of $100 dollars. This offer is subject to change in terms or termination at any time without notice. After an account is opened or a service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Member must complete the Homebuyer counseling program and must pre-qualify for a mortgage within 30 days of opening the account, if not the account will closed out and the funds will be deposited within the primary savings account.

HomeReady® Mortgage Program

Sometimes home ownership seems like nothing more than a distant dream.


Our HomeReady® Mortgage programs offer low down payment options, flexible credit criteria and other attractive features tailored to meet the needs of many low- and moderate-income borrowers and those purchasing homes in low- and moderate-income areas in New Jersey.


  • Interest rates comparable to conventional loans
  • Down payments as low as 3% of the home’s value
  • Down payment assistance programs also may be available
  • Reduced mortgage insurance requirement
  • Qualify with income from rentals or from someone who lives with you but isn’t a borrower
  • Use down payment and closing cost sources like gift funds and down payment assistance programs
  • Life of Loan homeownership education and counseling available
  • Maximum income and loan amount limits apply (varies by location, only offered in the state of New Jersey)
  • Set an Appointment for Home Counselling

See How Leandro found a Greater Way to Own

You can always call us directly to speak to one of our amazing Mortgage representatives, just dial 800-963-1937.

First-time Home Buyer Grants

Designed to assist our members with little savings overcome daunting costs to buy a home, Greater Alliance first-time homebuyer grants award eligible members with up to $3,000 to $5,000 toward a down payment or closing costs1   on their first home.

  • Low down payment with as little as 3% down2
  • Flexible sources of funds – no minimum contribution required from borrowers own funds3
  • Must complete Free Home Buying counseling
    offered through Address Yourself
  • The grant must be used for a mortgage through Greater Alliance
  • Reduced Mortgage Insurance


We want you to be a successful, thriving homeowner! First-time homebuyer grant program recipients have just a handful of qualifications they must meet. You may be eligible for grant funds if you can answer “yes” to these questions:

  • Are you a Greater Alliance member (or eligible to become one)?
  • Are you a first-time home buyer?
  • Do you have a good payment history and qualify for a Greater Alliance home loan?
  • Can you pay your portion of the down payment? (Additional closing costs are required)
  • Is your income (and the total income of all borrowers on the loan) less than or equal to 100% of the Area Median Income (AMI)

Is your future home eligible for a first-time home buyer grant?

Your potential purchase may qualify if you can answer “yes” to these questions:


  • Is the application amount no more than $453,100?
  • Is it a condo or single-family home?
  • Is the home in Bergen, Passaic or Hudson counties?
  • Will this property be your primary residence with the intention of staying in the property for 5 years or more?

Get the Dream Going

Grant assistance for first-time homebuyers is easy!

  • Grant Application Request Form:

We can make home buying a reality for you. We’re here to guide you from application through closing. For more information, please call 800-963-1937. You can also make an appointment to speak with a Mortgage Loan Officer during regular business hours over the phone or in person.

1.Program available for credit union members only. Grant provided through New Jersey Community Capital. This program is subject to other terms and conditions and may be changed or terminated at any time without notice. The offer only applies to properties located in Bergen, Passaic and Hudson counties, New Jersey. Member must pre-qualify for a mortgage and apply for the grant. No income qualification is required for the grant, once the grant is approved member must close within 30 days and funds will be wired on the closing date. 2. You may be eligible for a HomeReady loan if the subject property is located in a low-income census tract or you meet certain income limits for the census tract in which the subject property is located. HomeReady loans are available only for purchase transactions. Minimum credit score and reserve requirements may apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible. 3. Income from non-borrowing household members may be considered. Non-borrower must provide documentation of income, and sign a statement of their intent to reside with the borrower(s) for a minimum of 12 months. Non-borrower income must be at least 30% of the qualifying income and may only be utilized on loans with an automated underwriting approval. Non-borrower income is not part of the qualifying income and is not subject to applicable income limits. Additional requirements apply. Funds required to close may be gift funds from an eligible donor or from an approved down payment assistance (DAP) program. If these requirements are not met, a contribution of up to 3% from the borrower’s own funds will be required. No minimum borrower contribution applies only to 1-unit properties. Non-occupying co-borrower income is included when calculating the income limitations and allowed on purchase and limited cash-out refinance transactions on loans with an LTV <95%. 4. Private mortgage insurance is required. Membership at the credit union requires $100 in the savings account.