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Dream Bigger with Grants Up to $20,000 for 2024
The 2024 Homebuyer Dream Program opens on January 8, 2024.
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 ProgramTM provides grants of up to $20,000 towards the purchase of a home in 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 program begins accepting applications for funds on January 8, 2024, several months earlier than in past years. This means it is critical that prospective Homebuyer Dream applicants begin working with lenders now in order to be ready to apply when the program opens.
- Must be first-time home buyers**
- 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
- Up to $19,500 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
* 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.
** 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.