Skip to header Skip to footer
family at table outside

Family Helping Hand Mortgage

Make homeownership a reality with this unique program that lets loved ones pledge funds to help a first-time homebuyer reach a 20% down payment, while their pledge earns interest in a secure account. Together, you can unlock the door to your dream home!

Help Your Child Buy Their First Home Without Sacrificing Your Savings

Home prices have increased and managed to stay high for a few years now, making it difficult for buyers to save up enough money for a down payment. Buyers might turn to family and close friends to help them gather enough money. By working with family, the buyer does not need PMI or costly mortgage insurance, so the cost of the mortgage can be considerably less expensive. 'Helpers', however, also have to consider their own financial security.

That's where Amboy's Family Helping Hand comes in. A Helper (generally a family member or close friend) can make a deposit pledge to help the buyer reach a 20% down payment towards their first home. The pledge is held in a Family Helping Hand Savings account. The pledge is held in the Helpers' name and collects interest until the buyer has built up enough equity in their home to cover the 20% down payment. 

How it Works

You Can Put Down As Little As 5% of Your Own Money
You can put down as little as 5% and your Helper(s)' pledge can make up the difference up to 20% of the down payment.

Avoid Mortgage Insurance and PMI
Between your down payment and the pledge from your Helper(s), you'll avoid paying costly mortgage insurance payments.

It's Your Home
Your Helper(s) are pledging a deposit toward your down payment, but they do not own your home. 

You Choose the Term
You can choose from a variety of terms and flexible mortgage options, including fixed and adjustable mortgages.

How Does Amboy Offer This?
Because we don't sell our loans, we can offer programs that help make buying your first home more affordable. By keeping and servicing our own loans, it also means that you'll always be able to find us should you have any questions during the life of your loan.

We're Here to Help
Our qualified mortgage experts are right here in New Jersey and happy to answer any questions you may have.

Call 800-942-6269


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.

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. 

Personalized Advice from our Local Team of Home Loan Experts
When it comes to home financing, one size doesn't fit all. Our local, non-commissioned experts take the time to understand your unique goals and guide you every step of the way with honest advice and tailored solutions.

*Terms and Disclosures

First-time homebuyers only. Available for 1-4 family, owner occupied homes with a minimum of $50,000 and a maximum of $625,000. First lien positions only. Approved applicants responsible at closing for funding interim interest and escrow account for property taxes and insurance. Other closing costs may apply. Subject to credit approvals and home appraisal. Additional terms and conditions apply. Offer may be withdrawn at any time. 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 80% loan-to-value. Deposits remain in the individual’s name and is paid interest.