First-time Homebuyer Mortgage Program Launches for 2023 – Offers Up To $10,000 in Grants

Homebuyer Dream Program logo overlaying a blurred and faded image of a suburban neighborhood.

Homebuyer Dream 2023

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 (HDP)* 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 uses an allotment program, providing lenders with a set amount of funding.

The program begins accepting applications for funds on March 27, 2023.

Brown box tied with a key on a house-shaped keychain in a satin red ribbon and bow.

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 (i.e., in Monroe and Onondaga county, 1 or 2 person households, up to $79,600. In households of more than 3 people, the maximum income level is now $91,540.
  • Complete an accredited homeownership course
  • Meet the income and credit requirements for the program
  • Have the minimum equity contribution of $1,000 toward the purchase of the home
  • Remain in the home for five (5) years or repay a portion of the grant funds back to FHLBNY

Important Information

  • 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 2023 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 Programs 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. 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 text, they are considered first-time homebuyers).
  • A single parent who has only owned a principal residence with a former spouse while married.
  • An 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.

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