Second Round of Homebuyer Dream Program Opens with Grants up to $10,000

Homebuyer Dream Program logo

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. A second round of the Homebuyer Dream ProgramTM is open with grants of up to $10,000 towards the purchase of a home in New York. This is a program that is only available to members of the FHLBNY, mortgage brokers are not able to access grant funds for this program.

The FHLBNY uses an allotment program, providing lenders with a set amount of funding for the year. Funds are distributed to homebuyers on a first come, first serve basis.

The program is accepting applications for funds now and funds are limited.

This means it is critical that prospective Homebuyer Dream applicants begin working with their GRB mortgage originator now in order to be ready to apply when the program opens. GRB has team members able to serve residents throughout Western and Central New York.

Find out if you qualify

For more information, contact our mortgage professionals.

It doesn’t cost anything to be prequalified and it puts you in the best position to be ready to buy.

Homebuyer Dream Program* (HDP) eligibility requirements

  • Must be first-time homebuyers**
  • Reside in and be purchasing a home in New York state
  • Have a household income at or below 80% of area median income
  • 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

Important information

Grant funding is available for:

  • Down payment and closing costs
  • Cost of a homeownership education course

Please note, the information in this post refers to the second round of funding for the 2024 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.

**First-time homebuyer as defined by the U.S. Department of Housing and Urban Development (“HUD”), is an individual who meets any of the following criteria:

  • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers).
  • A single parent who has only owned a principal residence with a former spouse while married.
  • Individual who is a displaced homemaker and has only owned a principal residence with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.