2026 Homebuyer Dream Program (HDP), Homebuyer Dream Plus (HDP Plus) & Wealth Builder
Get up to $30,000 in grants* to help you purchase your first home!
The 2026 program is now OPEN!
The 2026 Homebuyer Dream Program is a suite of three grants offered by the Federal Home Loan Bank of New York (FHLBNY). As a participating FHLBNY member, TEG Federal Credit Union can help qualifying low—to middle-income first-time homebuyers obtain a generous grant for their home’s down payment and closing costs.
Grant funds for each of the Homebuyer Dream Programs are limited and awarded to eligible homebuyers on a first-come, first-served basis. Contact one of our Mortgage Officers to determine your eligibility and get pre-approved so you can begin your home search with confidence!
What are the Homebuyer Dream Program Eligibility Requirements?
Homebuyer Dream Program
Grant up to $20,000
- Up to $20,000 in grant funding is available to be applied to down payment and closing costs.
First-time Buyer(s)
To qualify, at least one borrower must be a first-time homebuyer.
A first-time homebuyer is defined as an individual who has not owned a home during the 3 years before the purchase of the new home.
Homebuyer Education
Homebuyers are required to complete a homebuyer education course and provide the certificate before submitting the grant application. The Homeownership Counseling Certificate is typically valid for 18 months.
Your mortgage officer can refer you to a suitable course.
Household Income
Household income for all adult occupants (18 years and older) must be at or below 80% of the Area Median Income (AMI) in the county where the new property is located.
Here is an example of the list of our counties:
| County | 1 & 2 Person Household Income Limits | 3+ Person Household Income Limits |
|---|---|---|
| Dutchess | $98,400 | $113,160 |
| Orange | $98,400 | $113,160 |
| Putnam | $155,520 | $155,520 |
| Rockland | $155,520 | $181,440 |
| Sullivan | $88,160 | $101,384 |
| Ulster | $95,840 | $110,216 |
| Westchester | $163,200 | $190,400 |
Down Payment
You will need to provide a minimum of $1,000 of your own funds to use towards the purchase of the home.
Owner Occupancy
HDP Grant is secured by a subordinate mortgage on the property that will be forgiven after five years of owner occupancy. No interest or payments are required, however, if the borrower sells or ceases occupying the subject property as their primary residence within 5 years, they may be required to repay a prorated portion of the grant.
Homebuyer Dream Program Plus
Grant up to $10,000
- Up to $10,000 in grant funding is available to be applied to down payment and closing costs.
First-time Buyer(s)
To qualify, at least one borrower must be a first-time homebuyer.
A first-time homebuyer is defined as an individual who has not owned a home during the 3 years before the purchase of the new home.
Homebuyer Education
Homebuyers are required to complete a homebuyer education course and provide the certificate before submitting the grant application. The Homeownership Counseling Certificate is typically valid for 18 months.
Your mortgage officer can refer you to a suitable course.
Household Income
Household income for all adult occupants (18 years and older) must be greater than 80% but not exceeding 120% of the Area Median Income (AMI) in the county where the new property is located.
Here is an example of the list of our counties:
| County | 1 & 2 Person Household Income Range | 3+ Person Household Income Range |
|---|---|---|
| Dutchess | $98,400.01 – $147,600 | $113,160.01 – $169,740 |
| Orange | $98,400.01 – $147,600 | $113,160.01 – $169,740 |
| Putnam | $155,520.01 – $233,280 | $181,440.01 – $272,160 |
| Rockland | $155,520.01 – $233,280 | $181,440.01 – $272,160 |
| Sullivan | $88,160.01 – $132,240 | $101,384.01 – $152,076 |
| Ulster | $95,840.01 – $143,760 | $110,216.01 – $165,324 |
| Westchester | $63,200.01 – $244,800 | $190,400.01 – $285,600 |
Down Payment
You will need to provide a minimum of $1,000 of your own funds to use towards the purchase of the home.
Owner Occupancy
HDP Plus is a grant funded at closing and will reflect the Closing Disclosure. There are no retention requirements or subordinate lien associated with this grant.
Homebuyer Dream Progam – Wealth Builder
Grant up to $10,000
To qualify for an additional $10,000:
- At least 1 borrower must currently reside in a minority census tract OR
- Have aged out of foster care OR
- Have parents who do not and never have owned real estate in the US
First-time Buyer(s)
To qualify, at least one borrower must be a first-time homebuyer.
A first-time homebuyer is defined as an individual who has not owned a home during the 3 years before the purchase of the new home.
Homebuyer Education
Homebuyers are required to complete a homebuyer education course and provide the certificate before submitting the grant application. The Homeownership Counseling Certificate is typically valid for 18 months.
Your mortgage officer can refer you to a suitable course.
Household Income
Household income for all adult occupants (18 years and older) must be at or below 120% of the Area Median Income (AMI) in the county where the new property is located.
Here is an example of the list of our counties:
| County | 1 & 2 Person Household Income Limits | 3+ Person Household Income Limits |
|---|---|---|
| Dutchess | $147,600 | $169,740 |
| Orange | $147,600 | $169,740 |
| Putnam | $233,280 | $272,160 |
| Rockland | $233,280 | $272,160 |
| Sullivan | $132,240 | $152,076 |
| Ulster | $143,760 | $165,324 |
| Westchester | $244,800 | $285,600 |
Can be Layered
Wealth Builder can be layered with HDP or HDP Plus.
Down Payment
You will need to provide a minimum of $1,000 of your own funds to use towards the purchase of the home.
Owner Occupancy
Wealth Builder is a grant funded at closing and will reflect the Closing Disclosure. There are no retention requirements or subordinate lien associated with this grant.
How Does the Program Work?
- Discuss the Eligibility and Required Documentation for HDP, HDP Plus, and HDP Wealth Builder with a TEGFCU Mortgage Expert to determine if you will qualify for the program.
- Once you have an accepted purchase contract for your new home, provide your fully executed purchase contract, income documentation, Homebuyer Course certificate, and a complete TEG mortgage application. TEGFCU will submit your grant application to the Federal Home Loan Bank of NY..
- FHLBNY reviews your application and submitted documents.
- The grant is submitted to the FHLBNY approval. If approved, you have up to 90 days to close on your new home.
Please note: Grants are not transferable to different homebuyer borrowers or properties.
Apply in 7 Easy Steps
Get Prequalified with TEG
Determine HDP household eligibility
Take a Homebuyer Certification Course
Make an offer on a house
Submit a TEG mortgage application
Provide documents to TEG
TEG applies for the HDP on your behalf
Meet Our Mortgage Officers
We are here to help you secure the loan approval you need! With an extensive background in mortgage lending, we are committed to helping you find the best possible financial solution. APPLY TODAY with one of our Mortgage Officers.
Get personalized, one-on-one service that is unequaled by other lenders. Our team has the expertise to walk you through these questions and more. We’ll start by getting to know you, then help you get you pre-approved for the right loan so you know how much house you can afford. Our experienced staff are here to help make the loan process as smooth as possible for you, and can help you:
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Darren DiBenedetto
Mortgage Officer
NMLS# 404038
Matthew Bannan
Mortgage Officer
NMLS# 404022
Jessica Schoen
Mortgage Officer
NMLS# 22486
Scott McNally
Mortgage Officer
NMLS# 1841508Conventional Mortgage & Refinance Rates
| Mortgage Type | Rate | APR | Points |
|---|---|---|---|
| 30 Year Fixed | 5.875% | 6.008% | 0.875% |
| 20 Year Fixed | 5.875% | 6.052% | 0.875% |
| 15 Year Fixed | 5.750% | 5.952% | 0.750% |
APR = Annual Percentage Rate. Rates effective as of 03/09/2026. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 80% or less, and no cash-out.
For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.008% has an approximate payment amount of $1,774.61. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.
All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
| Mortgage Type | Rate | APR | Points | First Cap | Subsequent Cap | Lifetime Cap |
|---|---|---|---|---|---|---|
| 5/6 SOFR ARM | 5.250% | 5.764% | 0.875% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
| 7/6 SOFR ARM | 5.500% | 5.817% | 0.875% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
APR = Annual Percentage Rate. Rates effective as of 03/09/2026. All loans are subject to approval. APR assumes a $300,000 loan amount with a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 80% or less. Rates on 5/6 ARMs are fixed for the first five years and subsequently subject to change bi-annually. Rates on 7/6 ARMS are fixed for the first seven years and subsequently subject to change bi-annually.
For example, a 5/6 ARM at a fixed initial interest APR of 5.764% would initially be $2,046.53 or a 7/6 ARM at a fixed initial interest APR of 5.817%, would initially be $1,703.37. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. After the initial fixed term, rates will adjust based on the index, Secured Overnight Financing Rate (SOFR), and a margin, not to exceed the initial, subsequent or lifetime change cap. Your rate may vary based on your creditworthiness, loan amount, purpose, LTV, lock period, and other credit characteristics.
All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
Homebuying Questions?
Get answers in our Mortgage Learning Center.
Find helpful articles, tools, and other great resources to help you with your homebuying journey.
The Homebuyer Dream Program® (HDP®) and The Homebuyer Dream Plus Program® (HDP Plus®) are registered trademarks of the Federal Home Loan Bank of New York (FHLBNY). The FHLBNY’s website has additional program details: Homebuyer Dream Overview and Homebuyer Dream Plus Overview. Borrowers must meet TEG membership eligibility, loan approval, HDP qualification requirements, and be first-time homebuyers.
The FHLBNY reserve the right to change the terms and conditions at any time, without prior notice. The grant is a Federal Home Loan Bank of NY program and funding is subject to their approval.
We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.
Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site www.consumerfinance.gov/hmda.
