Why rent when you can own?
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 Program2 using the form below or 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.
We are your home for all your mortgage loan needs. With attractive purchase options, advanced mortgage tools and Greater Alliance’s helpful experts, we will guide you from application through closing. For more information please call 800-963-1937
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)
- Sign up for GreenPath’s Homebuyer Counseling and Education Program2 using the form below or call 877-337-3399 GreenPath is committed to assisting our members in moving towards successful homeownership.
We can make home buying a reality for you. We’re here to guide you from application through closing. For more information call us at 800-963-1937.
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 costs on their first home.
How to Qualify for First-Time Home Buyer Grants
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)?
- Have you completed the homeownership counselling course? You need to do that prior to the closing date. Make an appointment today!
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!
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 http://www.ehomeamerica.org/greenpath. 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.