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    First Time Homebuyer Resources

    We know that buying your first home is a big step in life, and that’s why Rhinebeck Bank is here to help educate and support you through the process. Your personal Mortgage Loan Officer will be with you every step of the way to help you make informed decisions.

    First Home Club

    Rhinebeck Bank is a proud participant in the First Home Club program, offered through the Federal Home Loan Bank of New York. The program is designed to assist eligible first time homebuyers in the form of matching funds. First Time Homebuyers will receive $4 for every $1 they deposit into their dedicated savings account, an account devoted to their first home! The grant money can total up to $7,500. As an additional benefit, Rhinebeck Bank will also waive our processing & underwriting fees, and provides a $500 grant to be used toward closing costs or downpayment assistance.

    The following local agencies are available to assist First Time Homebuyers

    State of New York Mortgage Agency (SONYMA)

    SONYMA offers mortgage programs for First Time Homebuyers in New York State, including a program specifically designed for active duty military personnel and military veterans. The programs offered by SONYMA feature low down payments, competitive interest rates, down payment assistance and more. To learn more about SONYMA and their programs please visit:

    Freddie Mac Home Possible Mortgages

    This program offers incentives that are ideal for First Time Homebuyers or past homeowners coming back into the market. Incentives include flexible credit terms, low down payments and more. To learn more about Freddie Mac Home Possible Mortgages and find out which one is right for you please visit:

    Government Loans

    Rhinebeck Bank offers access to various Government Loans including:

    • VA Loans
    • FHA Loans
    • USDA loans

    While government loan programs are not restricted to first time homebuyers, they are traditionally utilized by first time homebuyers for financing. Government programs offer flexible down payment amounts as well as sources of down payment. Some programs also offer expanded underwriting criteria. 

    Next Steps:

    Why choose Rhinebeck Bank?

    Rhinebeck Bank has years of experience working with First Time Homebuyers.  Combine that with competitive interest rates and a knowledgeable Mortgage Loan Officer to take you every step of the way through the mortgage process, and you get a great customer experience.

    What program is right for me?

    We recommend contacting one of our Mortgage Loan Officers who will be with you every step of the way through the mortgage process.

    How do I find a Mortgage Loan Officer?

    Click the button below to meet our Mortgage Loan Officers. You can also stop by your local branch, or call 845-485-8555 Opt. 3 to set up an appointment to meet with a Mortgage Loan Officer.

    Loan Officer Button


    This page is intended to give a broad overview of various mortgage programs, and is not a complete list of terms, conditions, or costs associated with a mortgage loan. Please contact us to learn more about the costs associated with obtaining a mortgage and for details on any loan program we offer.  All loans subject to credit approval.


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