Homebuyer Dream Program (HDP) & Homebuyer Dream Plus (HDP Plus)
Currently, we are not accepting any new reservation requests for the 2024 Homebuyer Dream Program.
All Homebuyer Dream Program slots have been filled.
Key points about the 2025 Homebuyer Dream Program
Focus on First-Time Homebuyers:
This program is primarily designed to help individuals who have never owned a home before.
Grant Funding:
Eligible applicants can receive a grant to be used towards their down payment and closing costs.
Participation through Lenders:
To access the program, you will need to applly for a mortgage through a participating lender that is a member for the FHLBNY.
Expected Availability:
Details about the 2025 program are likely to be released in the coming months, with applications potentially opening early in the new year.
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 membership eligibility, loan approval, HDP qualification requirements, and be first-time homebuyers. 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. Grant is up to $19,500 for down payment and closing costs and $500 toward homebuyer education for the Homebuyer Dream Program. Grant is up to $9,500 for down payment and closing costs and $500 toward homebuyer education for the Homebuyer Dream Plus Program. HDP and HDP Plus both have limited funds that are available on a first-come, first-served basis and even if the Household meets all the terms and conditions this does not guarantee that there may be funds available at the time that the Household qualifies. Grants are not transferable to different homebuyer borrowers or properties.
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.
