What is the Homebuyer Dream Program?
This is a grant program offered to eligible first time home buyers. Grant money can be used to pay up to $14,500 towards down payment and closing costs and $500 as credit towards an approved homeowner counseling program. Don’t delay…the Homebuyer Dream Program is granted on a first come, first serve basis through the Federal Home Loan Bank of New York, of which Western Division FCU is a member.
What do I have to do to be eligible for this program?
- Talk to one of our mortgage consultants about a pre-approval
- Must be purchasing a home within our lending area
- Work a minimum of 32 hours a week
- Be a qualified first-time home buyer (someone who has not owned a home in the last 3 years)
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Complete an approved home ownership course
- Purchase an eligible property: 1-4 family house, condominiums, or a manufactured home permanently affixed to a foundation.
- Meet income requirements (80% or below of the Area Medium Income for the county in which the home is being purchased).
- Be under contract to purchase a home at time of application
- Agree to remain in the purchased home for 5 years
What you would need to get started:
When you are ready to apply use the link below. You can start the application before you have a contract in place, so that you can get a pre-approval to begin shopping. (We just cannot submit the grant request until you have entered into a sales contract.)
- Income documentation for all sources of income for each income earning adult in the household.
- Fully executed HDP Zero Income Certification form(s) for each Member of the household, 18 years and older, with zero income. (We provide this document, if applicable.)
- Fully executed HDP Homebuyer Certification. (We provide this document.)
- Fully executed homeownership counseling certificate. (We can help you obtain PRIOR to application.)
- Fully executed Purchase and Sales Contract.
- Fully executed legal separation agreement or court papers filed for divorce (if applicable).