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Homebuyer Dream Program™

Currently, we are not accepting applications for the Homebuyer Dream Program. The New 2021 Homebuyer Dream Program is expected to launch later this year. Program details will be coming soon. 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.

Eligibility Requirements

  • 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 a counseling agency 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.

Homeownership Counseling Agencies

Additional Resources

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