As a bank, GRB is able to work with the Federal Home Loan Bank of New York (FHLBNY) to provide grant assistance to qualified first-time homebuyers. The Homebuyer Dream ProgramTM provides grants of up to $10,000 towards the purchase of a home in New York. This is a program that is only available to banks, mortgage brokers are not able to access grant funds for this program.
The FHLBNY is also returning to the allotment program this year, providing lenders with a set amount of funding and helping avoid the “first come, first served” difficulties many buyers experienced in 2020.
The program officially kicks off on May 3.
Homebuyer Dream Program* (HDP) eligibility requirements
- Must be first-time homebuyers (have not owned a home individually or with a spouse in the last three years)
- Reside and purchase a home in New York
- Have a household income at or below 80% of area median income (i.e., in Monroe and Onondaga county, 1 or 2 person households, up to $68,080. 3-person households up to $78,292)
- Complete an accredited homeownership course
- Meet the income and credit requirements for the program
- Have the minimum equity contribution of $1,000 toward purchase of the home
- Remain in the home for five years or repay a portion of the grant funds back to FHLBNY
- Up to $9,500 in grant funding is available to be applied to down payment and closing costs
- Up to $500 in grant funding is available to offset the cost of the homeownership course
Find out if you qualify
For more information, contact our mortgage professionals.
Please note, the information in this post refers to the 2021 HDP. The Federal Home Loan Bank of New York assesses the HDP on an annual basis and the program is subject to change. Please go to our Mortgage Loans page for more information on the HDP and other grant and lending options.
* Homebuyer Dream Program is a trademark of the Federal Home Loan Bank of New York.