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Family Helping Hand Mortgage

Help Your Child Buy Their First Home Without Sacrificing Your Savings

Home prices have increased and managed to stay high for a few years now, making it difficult for buyers to save up enough money for a down payment. Buyers might turn to family and close friends to help them gather enough money. By working with family, the buyer does not need PMI or costly mortgage insurance, so the cost of the mortgage can be considerably less expensive. 'Helpers', however, also have to consider their own financial security.

That's where Amboy's Family Helping Hand comes in. A Helper (generally a family member or close friend) can make a deposit pledge to help the buyer reach a 20% down payment towards their first home. The pledge is held in a Family Helping Hand Savings account. The pledge is held in the Helpers' name and collects interest until the buyer has built up enough equity in their home to cover the 20% down payment. 

How It Works

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About Amboy's Home Loans

If Rates Go Down, Simply Change Your Rate
Other banks require a refinance to change your rate, which entails a lot of paperwork and fees. At Amboy, you can modify your rate at any time with just a phone call. 

Don't Worry About Rates Rising Before You Close
Your rate is locked in for 60 days. This could save you a substantial amount of money if rates go up during the mortgage approval process.

Shave Off Years of Mortgage Payments
With our 1/2 Pay Mortgage, you pay half of your monthly payment every two weeks. This adds up to an extra payment a year, saving you thousands of dollars in interest fees and shaving off years of mortgage payments.

We Keep and Service Your Loan
We don't sell our loans, which means if you have questions or concerns at any time during the life of your loan, you'll always know where to find us. 
*Terms and Disclosures First-time homebuyers only. Available for 1-4 family, owner occupied homes with a minimum of $50,000 and a maximum of $625,000. First lien positions only. Approved applicants responsible at closing for funding interim interest and escrow account for property taxes and insurance. Other closing costs may apply. Subject to credit approvals and home appraisal. Additional terms and conditions apply. Offer may be withdrawn at any time. One or more persons can use their deposit as collateral to reduce down payment requirement and must be kept on deposit until homeowner(s) has 80% loan-to-value. Deposits remain in the individual’s name and is paid interest.