THE MCU FOUNDATION

Unlock Your Dream Home with up to $10,000* in Grants for First-Time Buyers

Homeownership is one of the best ways to build generational wealth, with Grants offered on a rolling, first come, first served basis. Grants can be used to cover down payment or closing costs on your new home. The MCU Foundation believes that homeownership is a major milestone in life and encourages members looking for their first home to review the qualifying factors. You should also consider the broader help and support offered by MCU.

Apply Now

Make Your First Home a Reality

If you meet the qualifying criteria** listed below, take the first step to apply for a Grant of up to $10,000 by clicking the “Apply Now” button and completing the form. Once you submit the application, one of our Mortgage Specialists will follow up to review your application. We're here to provide assistance, support, and to guide you through the next steps.

1. You must be an MCU member in good standing:

12 months minimum as a member
Not a cause of past financial losses to MCU
Engaged as a member with one of the following:
- Direct Deposit
- Active LILI (online banking)
- Active Debit Card transactions (minimum 1 per month for the past 6 months)

2. You do not currently own a home and have not owned a home in the past 3 years (this qualifies you as a first-time homebuyer under the terms of the grant).

3. The home you are interested in purchasing must be located in New York, New Jersey, Connecticut, or Pennsylvania.

4. You are purchasing a one or two family home, co-op, or condominium as your principal residence, which must be maintained for a minimum of 5 years (if applicable, HOA must allow the grant).

5. The mortgage to buy your new home must be obtained through MCU.

6. Your gross annual income does not exceed 100% of the area median income (AMI) as defined by Housing and Urban Development (HUD) for the relevant county.

1-3 Member Household

Min Gross Income

Max Gross Income

New York¹

Min Gross Income

$79,121

Max Gross Income

$152,520

New Jersey²

Min Gross Income

$79,691

Max Gross Income

$116,864

Connecticut³

Min Gross Income

$85,109

Max Gross Income

$124,821

Pennsylvania⁴

Min Gross Income

$60,723

Max Gross Income

$87,770

7. You must be willing to undertake an MCU-approved homebuyer education course through one of the following:

8. Total down payment will not exceed 10% of a 1 or 2 unit property.

9. Escrow waivers must not be used.

10. You are not using existing MCU grant funds in order to qualify.

Apply Now

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Share Accounts

Our basic savings account, with perks that are anything but. A Share Account gets you membership into MCU, a foundation to build your goals on—and regular dividends just for being a member.

Share Accounts

Our basic savings account, with perks that are anything but. A Share Account gets you membership into MCU, a foundation to build your goals on—and regular dividends just for being a member.

Share Accounts

Our basic savings account, with perks that are anything but. A Share Account gets you membership into MCU, a foundation to build your goals on—and regular dividends just for being a member.

Non-Qualifying Members

The Door to Owning a Home is Still Open

If you do not qualify, learn more about the opportunities available to you through MCU’s First-Time Homebuyers Program. We’ll guide you step-by-step toward successful homeownership.

Have questions about the grant? Click here to send us an email.

Get Involved

You, Too, Can Make a Difference.

If you share our vision and are passionate about helping New Yorkers grow generational wealth, let’s join forces and make it a reality. Your involvement and contributions can make a difference in the lives of the hardworking heroes who call this city home.

Get In Touch

Make A Donation

*The MCU Foundation grant functions as a forgivable loan and will be considered due and payable only in the following circumstances: Recipient does not occupy the home as their primary residence for the 5-year occupancy requirement in accordance with the primary residency definition provided below. Recipient sells the home for an amount greater than the purchase price within 24 months of the property funding date. Recipient is found to have provided false information during the mortgage or grant application process. In one or all of these circumstances the loan is due and payable with a 0% interest rate.

**Recipient must agree to be the primary owner-occupant and continuously occupy at least one unit of the property as their primary residency for a period of 5 consecutive years following the receipt of the MCU Foundation grant. Primary residence is defined as: The member must reside and sleep in at least one dwelling of the property for no less than three hundred (300) days per year unless on active military duty. The home must be identified as their sole residence on their driver’s license or photo identification within 90 days of closing. Grant approval can be withdrawn if the member is found not to meet the requirements of the program. Grant approval expires one hundred and eighty days from the date of the award. Any extension will be at the discretion of the MCU Foundation board. The selection process will be on a first come, first served basis. Members must meet all MCU qualifications and guidelines. Grant approval will not be effective unless the member executes the “Notice of MCU Foundation Grant Approval” letter. Occupancy affidavit must be signed and returned to establish intent to adhere to Owner Occupancy Requirements. It is the member’s responsibility to locate and identify a property for purchase within the approved time frame. It is the member’s responsibility to meet the first mortgage guidelines, standards and conditions.MCU Foundation board. The selection process will be on a first come, first served basis. Members must meet all

MCU qualifications and guidelines. Grant approval will not be effective unless the member executes the “Notice of
MCU Foundation Grant Approval” letter. Occupancy affidavit must be signed and returned to establish intent to
adhere to Owner Occupancy Requirements. It is the member’s responsibility to locate and identify a property for
purchase within the approved time frame. It is the member’s responsibility to meet the first mortgage guidelines,
standards and conditions.

¹The 2023 AMI for the NYC region is $127,100 for a three-person family (100%AMI). Click here for more information.

²Calculation based on 2023 adjusted home income limits - 3 person low income (SUM /11 counties) to 8 person low income (SUM/11 counties). Click here for more information.

³Calculation based on 2023 adjusted home income limits - 3 person low income (SUM /12 counties) to 8 person low income (SUM/12 counties). Click here for more information.

⁴Calculation based on 2023 adjusted home income limits - 3 person low income (SUM /52 counties) to 8 person low income (SUM/52 counties). Click here for more information.