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Homebuyer Dream Program™

Accepting Reservation Requests
May 3, 2021

Contact an ESL Mortgage Originator today for details and next steps.

585.336.1502

Homebuyer Dream™ Program is here for New York First-Time Homebuyers

ESL will begin accepting Homebuyer Dream Program (HDP) grant reservation requests on Monday, May 3, 2021, for submissions to the Federal Home Loan Bank of New York. Reservation requests into the HDP are limited each year and are available on a first-come, first-served basis to eligible buyers.

The 2021 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 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.

Speak with our homeownership counseling partners

ESL has partnered with several counseling agencies to help you complete your homeownership counseling course prior to requesting a reservation into the Homebuyer Dream Program. Once the course is complete, the counselling partners will work directly with ESL’s HDP administrator to get members registered into the HDP. Partners include:

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 2021 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 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.

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.

Disclaimer

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.