Doral Pink

First Home Club

  1. At Doral Bank we make possible through funds from the Federal Home Loan Bank of New York that families with low and moderate economic resources can buy their first home.

    This program pays you from each $1 you deposit in the account $4, up to a maximum of $7,500. These funds have to be used to cover the closing costs of your mortgage loan with Doral Mortgage.

     

 

benefit from:

  • you receive up to $7,500 to cover the costs associated with the mortgage closing1
  • flexible savings period from 10 to 24 months2
  • receive four dollars ($4) for every dollar deposited, up to a maximum of $7,500
  • you can make deposits by automatic transfer from your checking account with Doral Bank
  • keep track of your savings with your savings passbook
  • first time buyers receive a financial planning guidance
  • a savings account that pays competitive interest rate3
  • a program sponsored by the Federal Home Loan Bank of New York (FHLBNY).
  • benefit from:

    Saving for your dream home is very easy, just select the amount and the term for which you want to save, and get ready.

Your Savings

Doral Bank's contribution

Total savings to cover closing costs

$1,000

$4,000 $5,000

$1,500

$6,000 $7,500
$1,875 $7,500 (maximum) $9,375

    For more information, email us at firsthomeclub@doralbank.com or visit one of our branches.

  1. Savings Account is exclusive for customers under the Savings Plan “First Home Club” who will originate a mortgage loan with Doral Mortgage.
  2. If you withdraw your money from the account or fail to make the monthly deposit as required by the Savings Plan, Doral Bank and FHLBNY are not under any obligation to provide the subsidy of $4.00 for every $1.00 saved.
  3. You must maintain a daily balance greater than or equal to $1.00 to obtain the annual percentage yield (APY) disclosed.
    Doral Mortgage (Lic. OCIF IH-006) is a subsidiary of Doral Bank. Doral Bank Member FDIC. Lic. OCIF B-34.