The Homebuyer Dream Program (HDP) provides up to $20,000, in the form of a grant, to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI).
The Federal Home Loan Bank New York will grant up to $19,500 towards down payment and
closing cost assistance to eligible first-time homebuyers purchasing a home. Additionally, the
HDP offers up to $500 towards the defrayment of homeownership counseling costs which will be provided for the use of the household via the member to the non-profit counseling agency. The amount of the defrayment will be added to the grant.
Qualifying Gidelines:
closing cost assistance to eligible first-time homebuyers purchasing a home. Additionally, the
HDP offers up to $500 towards the defrayment of homeownership counseling costs which will be provided for the use of the household via the member to the non-profit counseling agency. The amount of the defrayment will be added to the grant.
Qualifying Gidelines:
- Must be a first-time homebuyer as defined by the U.S. Department of Housing and
Urban Development - Household income at or below 80% of the Area Median Income (AMI) in the
county where purchase is taking place - Minimum equity contribution of $1,000 towards the purchase of the home
- Fully Executed Purchase and Sales Contract
- Homebuyer(s) must complete a homeownership counseling program
Contact a loan officer to get started.
Loans subject to credit approval,income, and other qualifying guidelines. Some restrictions may apply. This is a program of Federal Home Loan Bank New York, funds available until exhausted.
