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!