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Homebuyer Dream Program™

Currently, we are not accepting any new reservation requests for the Homebuyer Dream Program.
Reservation requests are limited each year and ESL has reached the funding maximum for the 2022 calendar year. ESL anticipates having a 2023 Homebuyer Dream Program, pending availability from the Federal Home Loan Bank of New York. Program details will be made available in advance. Please check back for updated information next Spring 2023.

The Homebuyer Dream Program is made available through the Federal Home Loan Bank of New York, and eligible borrowers have potential to receive up to $10,000 (per household) in grant dollars. $9,500 of these funds must be used for down payment and closing cost assistance on an eligible property within our 10-county lending area. The Homebuyer Dream Program also offers up to an additional $500 toward the payment of homeownership counseling costs.

How to Get Started

Speak with an ESL Mortgage Originator

Interested members should reach out to an ESL Business Development Mortgage Originator (585.336.1502) and get prequalified or submit an application to purchase their first home. Having a fully executed Purchase and Sales Contract on your first home and completing a homeownership counseling course is required prior to requesting a reservation into the Homebuyer Dream Program.

Eligibility Requirements

To enroll in the HDP program, you must meet the following requirements prior to ESL requesting a reservation request for you into the Homebuyer Dream Program.

  • Must be a first-time homebuyer. This is generally defined as not having owned a home individually or with a spouse in the last three years.
  • Provide a fully executed Purchase and Sales Contract on a home located within our 10-county lending area.
  • Complete homeownership counseling through one of the following counseling agencies prior to program enrollment:
  • Homebuyer(s) must provide a minimum equity of $1,000 toward the purchase of the home.
  • Household total income must be at or below the 80% Area Median Income (AMI) adjusted for household size.
  • Homebuyer(s) must agree to reside at the subject property for five years or repay a prorated portion of the Grant back to the Federal Home Loan Bank of New York.

Income Limits

Household total income must be at or below the 80% Area Median Income (AMI) for the county in which the household is purchasing, adjusted for household size. For August 2020, this is $68,080 for one and two person household and up to $78,292 for a three or more person household.

Mortgage Eligible Counties

The grant funds will be made available to qualifying owner occupied purchased properties that are located within our 10 county lending area which include; Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Steuben, Wayne, Wyoming, and Yates counties in the State of New York.


The FHLBNY and ESL reserve the right to change the terms and conditions at any time, without prior notice. The Household also fully understands that the limited funds are available on a first-come, first-served basis and even if the Household meets all of the terms and conditions this does not guarantee that there may be funds available at the time that the Household qualifies. The FHLBNY, in its sole discretion, may refuse to honor a Homebuyer Dream Program funding request. The Household further agrees that any proceeds, which will not be, or cease to be, used for the purposes approved by the FHLBNY will be recaptured and the unused, or improperly used, grant will be returned to the FHLBNY. The Household will also acknowledges receipt of a copy of these terms and conditions.

Additional Resources

Homebuyer Dream Program is a service mark of the Federal Home Loan Bank of New York.