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First-Time Homebuyer Program

Homeownership is Within Reach

Amboy Bank takes pride in helping our first-time homeowners with special programs designed to make buying your first home more affordable. When you choose Amboy, you’ll receive low down payment options, competitive interest rates, and personalized guidance.

Family dinner at home with grandparents, parents and kids

Family Helping Hand Mortgage

Make a lower down payment and avoid PMI payments when a family member pledges an Amboy deposit. The deposit remains in the family member's name and is paid interest. Once 20% equity is reached, the deposit is released to the family member.
Young couple getting keys to new home

Helping Hand Mortgage

Down payment options as low as 5% if you're purchasing your first home in Middlesex or Monmouth County and your household income falls below the required threshold. 
African American couple walking into first home

1/2 Pay Mortgage for First-Time Homebuyers

Pay off your mortgage faster and reduce your interest expense by thousands when you pay half your mortgage payment every two weeks, totaling one extra payment per year. Now with a down payment option as low as 10%!
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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. 

Additional Resources

Improve My Home
Build A Home
Refinance A Home
Disclaimer First-time homebuyers and first lien positions only. Available for 1-4 family, owner occupied homes with a minimum of $50,000 and a maximum of $625,000. Approved applicants responsible at closing for funding interim interest and escrow account for property taxes and insurance. Subject to credit approvals and home appraisal. Additional terms and conditions and closing costs may apply. 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 78% loan-to-value.