M&T First Home Club in 10 easy steps.

M&T First Home Club in 10 easy steps.

If you qualify for M&T First Home ClubSM, for every $1 you save, $4 will be granted to you, up to $7,500 in matching funds toward the downpayment and closing costs for the purchase of your new home.

1 STEP ONE: PRE-ENROLLMENT To be eligible for the First Home Club, you must: ? Be a first-time homebuyer ? Have a household income at or below 80% of the Mortgage Revenue Bond Income limits (NY or NJ) and adjusted for family size ? Reside in New York State or New Jersey

2 STEP TWO: ENROLL To apply, contact an M&T loan officer who will determine your eligibility for the First Home Club program. You will be required to provide the following items: ? Last two years' W-2s and tax statements and pay stubs for the past 30 days ? Employment history ? Social Security award letters for anyone receiving benefits ? Any other source documents from any income that you are currently receiving if applicable Working with your loan officer, you'll determine your savings goal, and complete an enrollment application packet and sign a First Home Club Enrollment Terms and Conditions Form.

3 STEP THREE: OPEN SAVINGS ACCOUNT You will receive an M&T Bank Savings Account First Home Club Authorization Form from M&T Bank's First Home Club Coordinator. Take this form to an M&T Bank branch to open your

dedicated cavings Qccount. Standard M&T Depository account opening requirements apply. Check the following link to find a convenient M&T Branch: Branch NOTE: This must be a dedicated savings account used

solely for the purpose of meeting your agreed upon First Home Club savings goal.

4 STEP FOUR: MAKE MONTHLY DEPOSITS Once you are enrolled in the program, you must make your agreed upon monthly deposits to your TUTYSQdUT cQfY^WcQSS_e^d ? You have between 10 and 18 months to achieve your savings goal per your Enrollment Terms and Conditions ? Funds saved must remain in the dedicated savings account until you have reached your savings goal and are ready to purchase a home

5 STEP FIVE: TAKE HOMEOWNERSHIP EDUCATION Plan and schedule your required homeownership education course with an approved housing non-profit counseling agency. To find out which agency is available in your area, discuss with your loan officer. NOTE: Most agencies charge a counseling fee, and an amount up to $500 maybe added to your First Home Club grant.

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6 STEP SIX: GET PREQUALIFIED Once you have met your savings goal, call your M&T loan officer to obtain your mortgage prequalification. Your M&T loan officer will collect updated personal information and estimate the maximum mortgage you can afford. You will be issued a prequalification letter.*

7 STEP SEVEN: GO HOUSE SHOPPING You are now ready to begin house shopping. ? Find your home ? The funds saved in your dedicated account must only be used for up-front costs related to the house you want to buy. Keep all receipts.

8 STEP EIGHT: MAKE YOUR MORTGAGE APPLICATION ? Once you have decided on a home and you have a purchase/sales contract, contact your M&T loan officer to get your loan application underway ? In addition to the items you may have previously provided, you may be required to supply further documentation in order to qualify for the mortgage

9 STEP NINE: FINAL APPROVAL Once your mortgage application has been approved, all required documents will be sent by M&T to the Federal Home Loan Bank of New York for review and funding approval. Other items sent will include (but not limited to): ? Savings record ? Home buyer education certificate ? Property appraisal ? Mortgage commitment ? Income documentation

10 STEP TEN: TIME TO CLOSE Once the First Home Club funding has been approved (review and approval can take a minimum of 15 business days), you will be required to sign at closing the following Federal Home Bank Loan documents: ? A 5-year subordinate mortgage for the First Home Club grant amount (forgivable under most circumstances) ? A Promissory Note for First Home Club grant amount

IMPORTANT INFORMATION:

At any time throughout the M&T First Home Club process, changes to household size, income and/or assets are subject to re-verification retroactively to the time of enrollment.

You may be required to provide additional documentation for funding approval by the Federal Home Loan Bank of New York.

You must demonstrate a pattern of systematic savings in the dedicated account which is consistent with the agreed?upon schedule. Failure to do so will preclude your eligibility.

For more information, contact M&T Bank today.

Equal Housing Lender.

This is not a commitment to make a mortgage loan. Log onto FirstHomeClub or contact an M&T loan officer to see what 80% of the Mortgage Revenue Bond Income is where you currently reside. M&T First Home Club is only available in New York and New JerseyM&T Bank is a participating Home Loan Bank Member. Certain restrictions, including income limits, apply. Home buyer education is required to qualify for this program. Programs, terms and conditions are subject to change without notice. Subject to credit and property approval.

* This letter is not a guarantee that any particular loan program or interest rate will be available should you choose to apply for a mortgage loan. M&T's loan programs and parameters are subject to change at any time without notice. ? 2016 M&T Bank. Member FDIC. NMLS# 381076. CS12081 (3/16)

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