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 $15,000 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.
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 County up to $62,240 for 1- and 2-person households, up to $71,576 for 3+ person household as of August 2018)
- 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 $14,500 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.
* Homebuyer Dream Program is a trademark of the Federal Home Loan Bank of New York.