Mortgage Programs

Homebuyer Dream Program®

The Homebuyer Dream Program® (HDP®)* is a non-competitive grant program offered to eligible first-time homebuyers that provides funds toward the loan’s down payment and closing costs. 

Receive up to $15,000 With The Homebuyer Dream Program®

Demand has been exceptionally high for the 2025 Homebuyer Dream Program® Suite. Unfortunately, GRB is not able to accept additional Homebuyer Dream candidates at this time. 

There are, however, other grant and discount programs available. Please fill out the form below and work with a GRB Mortgage Originator to look at all of the possible financing options available to help you purchase a home.

GRB and the Federal Home Loan Bank of New York (FHLBNY) work together to provide grant assistance to qualified first-time home buyers. The Homebuyer Dream Program® (HDP®) provides grants up to $15,000 toward the purchase of a home in the state of New York. 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 annual HDP program begins accepting applications for funds as they are distributed by the FHLBNY. It varies year to year. This means it is critical that prospective Homebuyer Dream applicants begin working with lenders early in order to be ready to apply when the program opens or as additional funds are released.

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Homebuyer Dream Program®
Eligibility requirements

  • Must be first-time homebuyers **

  • Reside and purchase a home in New York
  • 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

Find the Homebuyer Dream Program That Supports Your Purchase Goals

The Homebuyer Dream Program is part of the Federal Home Loan Bank of New York ‘s (FHLBNY) Homebuyer Dream Program Suite. The full suite includes the Homebuyer Dream Program, HDP Plus,  and HDP Wealth Builder.

Compare all programs below, and contact our Mortgage team to find the program that best fits your purchasing needs!

  • Homebuyer Dream Program®
  • HDP® Plus
  • HDP® Wealth Builder
Homebuyer Dream Program®HDP® PlusHDP® Wealth Builder
Leverage added benefits and advanced banking services
$3999
/year
$3999
/year
First-Time Homebuyer RequirementsFirst-Time Homebuyer**First-Time Homebuyer**First-Time Homebuyer** must either reside in a majority-minority census tract*** or qualify as First-Generation Homebuyer
Area Median Income (AMI) Limits≤ 80% AMI> 80% AMI
But not to exceed 120% AMI		≤ 120% AMI
Purchase Property OccupancyOwner-Occupied Primary ResidenceOwner-Occupied Primary ResidenceOwner-Occupied Primary Residence
Grant UsageDown payment, closing cost assistance, and first-time homebuyer counselingDown payment, closing cost assistance, and first-time homebuyer counselingDown payment, closing cost assistance, and first-time homebuyer counseling
Minimum Homebuyer Contribution$1,000$1,000$1,000
5-Year Retention Period
Homebuyer Counseling Required
CONTACT OUR TEAMGET MORE DETAILSGET MORE DETAILS

Contact Our Mortgage Team

Click the button below to fill out our ‘Contact Us’ form, and a GRB Mortgage Originator will be in touch to answer your questions!

* The Homebuyer Dream Program is a registered trademark of the Federal Home Loan Bank of New York.  Additional program details are available on the Federal Home Loan Bank of New York website.  Please work with your GRB Mortgage Loan Originator to discuss your specific situation. Return to content.

** 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. Return to content.

***A majority-minority census tract refers to a geographic area defined by the U.S. Census Bureau in which more than 50% of the population belongs to one or more minority groups. Minority groups in this context typically include racial and ethnic populations other than non-Hispanic White individuals. Qualifying census tract information is available online. Some census tract information is difficult to see on a map. Please consult your GRB Mortgage Originator to confirm eligibility.