Homebuyer Dream Grant

TEG Federal Credit Union is excited to participate in the 2022 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 21, 2022 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 home ownership 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 send 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 Senior Mortgage Officer

NMLS#: 22486


Senior Mortgage Officer

I have many years of experience working with first time home borrowers so you can be confident I’ll help you find the mortgage loan best suited to your individual needs.

Matt Bannan

NMLS#: 404022


Senior Mortgage Officer

Home financing is one of the biggest decisions you will make. I’m here to answer your questions, find the right loan for your situation, and make the process as anxiety-free as possible.

Scott McNally

NMLS# 1841508


Mortgage Loan Officer

Financing a home doesn’t need to be stressful. I’m here to help you find the right loan. Whether this is your first home purchase, an investment property or a refinance, I will ensure your mortgage process runs efficiently and smoothly.

Jeffrey Shields Mortgage Officer

NMLS# 1466211

Jeffrey Shields

Mortgage Loan Officer

Known for outstanding service, you can count on me to look out for your interests and keep you informed throughout the mortgage process. I strive to make borrowers feel at ease and get to their goal of homeownership.

Get personalized, one-on-one service that is unequalled 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

Today's Featured Conventional Mortgage & Refinance Rates*

30 Year Fixed6.000%6.052%0.000%
20 Year Fixed5.875%5.943%0.000%
15 Year Fixed5.500%5.584%0.000%
*These rate charts are as of 1/31/2023 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.