Homebuyer Dream Grant

TEG Federal Credit Union is excited to participate in the 2023 Homebuyer Dream Program and proud to be able to help income eligible families make the dream of homeownership a reality.

Shot of a young couple dreaming about a new house

The Homebuyer Dream Program offers eligible first time home buyers up to $10,000 ($9,500 for down payment and/or closing costs and $500 towards the defrayment of homeownership counseling costs) for the purchase of their first home. Funding is available on a first come first serve basis. This grant program is through the Federal Home Loan Bank of New York and will become available on March 27, 2023 with a limited number of grants available. Please note: there is no guarantee that funds will be available when your reservation request is submitted.

What do I have to do to be eligible for this program?

•   Talk to one of our mortgage consultants about a pre-approval. It’s important to get pre-approved ahead of time so you’ll be ready to go!
•   Loan approval based on creditworthiness.
•   Be a qualified first-time home buyer or no ownership of a home for the past 3 years
•   Meet income requirements (80% or below of the Area Medium Income for the county in which the home is being purchased)
•   Have an executed purchase and sales contract prior to the funding reservation date
•   Have a minimum of $1,000 of your own funds to use towards the purchase of the home
•   Complete an approved home ownership course prior to the funding reservation submission
•   You must agree to remain in the purchased home for 5 years or repay a prorated share of the grant if you sell the property.

How does the program work?

1.   Discuss the eligibility requirements with a TEG Mortgage Officer.  Jessica, Matt, Scott, or Jeffrey can confirm you’ll be able to join the program and get you started!

2.   Complete the homeownership counseling class to receive your certificate

3.   TEG will work with you to prepare a mortgage preapproval so you can find the home of your dreams.

4.   Once in an accepted purchase contract for your new home, FHLBNY reviews your reservation request along with the accepted contract, verification of income, and the completion certificate for your home buyer education. Once reviewed and approved, FHLBNY sends a notification of a funding commitment.

5.   You have 120 days after receiving the funding commitment to close on your new home!

Submission requirements include:

  • Income documentation for all sources of income for each income earning adult in the household
  • Fully-executed Purchase and Sales Contract
  • Fully-executed Homebuyer Certification
  • Fully-executed Homeownership Counseling Certificate (which is valid for 18 months)

Meet Our Mortgage Loan 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.

Jessica Schoen - Mortgage Loan Officer at TEGFCU

Sr. Mortgage

Loan Officer

NMLS# 22486

Matthew Bannon - Mortgage Loan Officer at TEGFCU

Sr. Mortgage

Loan Officer

NMLS# 404022

Darren DiBenedetto Senior Mortgage Loan Officer at TEG Federal Credit Union

Sr. Mortgage

Loan Officer

NMLS# 404038

Scott McNally - Mortgage Loan Officer at TEGFCU


Loan Officer

NMLS# 1841508

Jeffrey Shields Mortgage Loan Officer at TEGFCU


Loan Officer

NMLS# 1466211

Get personalized, one-on-one service that is unequaled by other lenders.

Our Mortgage Loan Officers are here to help make the loan process as smooth as possible for you, and can help you:

• Compare your mortgage options
• Help you get pre-approved
• Complete your application
• Lock in your rate
• Get you to your closing with a smile

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 preapproved for the right loan so you know how much house you can afford. Our experienced staff will help you through the complicated mortgage process step by step.

Today's Featured Conventional Mortgage & Refinance Rates*

30 Year Fixed6.875%6.931%0.000%
20 Year Fixed6.750%6.823%0.000%
15 Year Fixed6.500%6.629%0.250%
*These rate charts are as of 5/31/2023 based on a $300,000, This is based on 75 LTV, 740 FICO, $300,000 loan amount with escrows, 30 day lock. Your individual rate may vary based on loan amount, purpose, credit, LTV, lock period and other credit characteristics. Please note that mortgage interest rates may change several times a day in reaction to market movement.


Today's Featured Adjustable-Rate Mortgage (ARM) Rates*

Mortgage TypeRate as low asAPR as low asPointsFirst CapSubsequent CapLifetime Cap
5/6 ARM5.375%6.557%0.000%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 ARM5.875%6.395%0.000%+/- 5.00%+/- 1.00%+/- 5.00%
*Effective date 5/31/2023. APR=Annual Percentage Rate. Advertised Rates are as low as and are based on an evaluation of credit history and down payment, so your rate may differ. All loans are subject to credit approval. All rates and terms are subject to change without notice. Contact a credit union employee for further details. Other terms and conditions may apply. Rates on 5/6 ARMs are fixed for the first five years and subsequently subject to change bi-annually. Rates on 10/6 ARMS are fixed for the first ten years and subsequently subject to change bi-annually.