MAP HomeAssist Grant
The MAP HomeAssist Grant is a down payment and closing cost assistance program offered through the Federal Home Loan Bank of New York (FHLBNY). As a participating FHLBNY member, TEG Federal Credit Union can help qualifying low—to moderate-income homebuyers access grant funds to reduce upfront costs when purchasing a primary residence.
Grant funds for the MAP HomeAssist grant 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 MAP HomeAssist Eligibility Requirements?
MAP HomeAssist
$12,000 Grant
$12,000 in grant funding is available to be applied to down payment and closing costs.
First-time Buyer(s)
Being a first-time buyer is not a requirement for this grant.
Borrower Income
Borrower income 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 | Qualifying Income Limits |
|---|---|
| Dutchess | $98,400 |
| Orange | $98,400 |
| Putnam | $155,520 |
| Rockland | $155,520 |
| Sullivan | $88,160 |
| Ulster | $95,840 |
| Westchester | $163,200 |
Can be Layered
MAP HomeAssist can be layered with other Affordable Housing/Community Seconds including the Home Dream Program Grant, subject to a maximum CLTV of 105%.
MAP HomeAssist cannot be layered with HDP Plus or HDP Wealth Builder grants.
Occupancy and Property Eligibility
Grants are available for the purchase of single-family owner-occupied residential properties which will be used as borrowers’ primary residence only.
Grant funds will be advanced by TEG at closing, and the grant will show on your Closing Disclosure. There are no retention requirements or subordinate lien associated with this grant.
Other Eligibility Details
TEG is a member of the Federal Home Loan Bank of New York (FHLB) and a participant in their Mortgage Asset Program (MAP). TEG originates and services loans that are sold to the FLHB’s MAP.
MAP HomeAssist grant provides year-round down payment and closing cost assistance for low-to-moderate-income borrowers and is not tied to annual rounds like the Homebuyer Dream Program. Program funds are distributed on a first-come, first-served basis, until all funds are used.
Borrowers must meet all MAP Loan Eligibility and Program criteria, and only loans sold to MAP are eligible for the MAP HomeAssist grant.
MAP eligibility includes:
- Max 95% LTV
- Max 105% CLTV with affordable Housing/Community Seconds
- Max 45% occupant DTI
- Minimum credit score varies by LTV. Discuss your eligibility with your loan officer. Final eligibility to be determined by underwriting.
How Does the Program Work?
- Discuss the Eligibility and Required Documentation for MAP HomeAssist 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, let your Mortgage Officer know so we can provide initial disclosures and begin processing your TEG mortgage application.
- TEGFCU underwriting reviews your application and submitted documents to ensure all MAP eligibility requirements are met.
- Your mortgage rate is locked under an eligible FHLB MAP program and TEGFCU identifies your purchase as meeting eligibility requirements for the MAP HomeAssist.
- Grant funds are advanced by TEGFCU at closing and appear as a MAP HomeAssist credit on your Closing Disclosure. TEGFCU retains servicing of your mortgage and will continue to be here to support your financial well-being.
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:
Jessica Schoen
Mortgage Officer
NMLS# 22486
Darren DiBenedetto
Mortgage Officer
NMLS# 404038
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Scott McNally
Mortgage Officer
NMLS# 1841508
Matthew Bannan
Mortgage Officer
NMLS# 404022Conventional Mortgage & Refinance Rates
| Mortgage Type | Rate | APR | Points |
|---|---|---|---|
| 30 Year Fixed | 6.250% | 6.349% | 0.500% |
| 20 Year Fixed | 6.125% | 6.288% | 0.750% |
| 15 Year Fixed | 6.000% | 6.204% | 0.750% |
APR = Annual Percentage Rate. Rates effective as of 05/26/2026. 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 6.349% has an approximate payment amount of 1,847.15 . 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 | 5.625% | 5.875% | 0.500% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
| 7/6 SOFR ARM | 5.875% | 5.972% | 0.500% | +/- 5.00% | +/- 1.00% | +/- 5.00% |
APR = Annual Percentage Rate. Rates effective as of 05/26/2026. 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 5.875% would initially be $2,123.38 or a 7/6 ARM at a fixed initial interest APR of 5.972%, would initially be $1,774.61 . 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.
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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.
