The Federal Home Loan Bank of New York’s Homebuyer Dream Program® 2025 is available starting February 10, 2025. Reservations requests into the HDP are limited each year and are available on a first-come, first-served basis to eligible buyers.
What is the Homebuyer Dream Program?
We have partnered with the Federal Home Loan Bank of New York to offer our members the benefits of these Homebuyer Dream Programs. Eligible borrowers have the potential to receive up to $20,000 (per household) in grant dollars. These funds must be used for down payment and closing cost assistance.
- Homebuyer Dream
- Homebuyer Dream Plus
- Homebuyer Dream Wealth Builder
What do you have to do to be eligible for this program?
- Must be purchasing a home within our lending area
- Work a minimum of 32 hours a week
- Be a qualified first-time home buyer (have not owned a home within the last 3 years)
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Complete a Home Ownership Counseling Course
- Purchase an eligible property: 1-4 family house, condominiums, or a manufactured home permanently affixed to a foundation.
- Meet Income and Eligibility Requirements
- Be under contract to purchase a home at time of application
- Agree to remain in the purchased home for 5 years
What do I need to do to start the process?
Become Pre-Approved – Click Here for our current rates and application. (Once approved, approvals are good for 90 days and can be extended).
Complete the Homeownership Counseling Course – Click Here to find a location near you and registration. (Once the course is completed, you will receive a certificate which is valid for 18 months).
