2024 Homebuyer Dream Program (HDP) &
Homebuyer Dream Plus (HDP Plus)
You can get a grant to help you purchase your first home!
TEG Federal Credit Union is excited to participate in the 2024 Homebuyer Dream and Homebuyer Dream Plus Programs.
TEGFCU can provide assistance to help qualifying first-time homebuyers in New York obtain a generous grant from the Federal Home Loan Bank of New York (FHLBNY) to use towards your home’s down payment and closing costs.
Grant funds for the HDP are limited each year and are distributed to eligible homebuyers on a first-come, first-served basis.
What are the Homebuyer Dream Program Eligibility Requirements?
Homebuyer Dream Program
Grant up to $20,00
- Up to $19,500 in grant funding is available to be applied to down payment and closing costs.
- Up to $500 in grant funding is available to offset the cost of the homeownership course.
First-time Buyer(s)
To qualify, anyone who will be listed on the mortgage or their spouse must be a first-time homebuyer.
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.
Homebuyer Certification Course
Homebuyers are required to take homebuyer education course and provide the certificate prior to submitting the grant application. The Homeownership Counseling Certificate is valid for 18 months.
Find a homebuyer education course at ehomeamerica.org.
Income Limits
Household income for all adult occupants (18 years and older) 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:
Purchase and Sales Contract
Grant funds will be made available to qualifying first-time homebuyers in conjunction with a TEGFCU Mortgage.
You must be in contract before you can apply for the grant. You will need to provide your fully executed purchase contract, income documentation, and Homebuyer Course certificate, and then TEGFCU will submit your grant application for FHLBNY approval.
Down Payment
You will need to provide a minimum of $1,000 of your own funds to use towards the purchase of the home.
Owner Occupancy
HBD Grant is secured by a subordinate mortgage on the property that will be forgiven after five years of owner occupancy. No interest or payments are required, however, if the borrower sells or ceases occupying the subject property as their primary residence within 5 years, they may be required to repay a prorated portion of the grant.
Homebuyer Dream Program Plus
Grant up to $10,00
- Up to $9,500 in grant funding is available to be applied to down payment and closing costs
- Up to $500 in grant funding is available to offset the cost of the homeownership course
First-time Buyer(s)
To qualify, anyone who will be listed on the mortgage or their spouse must be a first-time homebuyer.
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.
Homebuyer Certification Course
Homebuyers are required to take homebuyer education course and provide the certificate prior to submitting the grant application. The Homeownership Counseling Certificate is valid for 18 months.
Find a homebuyer education course at ehomeamerica.org.
Income Limits
Household income for all adult occupants (18 years and older) must be greater than 80% but not exceeding 120% 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:
Purchase and Sales Contract
Grant funds will be made available to qualifying first-time homebuyers in conjunction with a TEGFCU Mortgage.
You must be in contract before you can apply for the grant. You will need to provide your fully executed purchase contract, income documentation, and Homebuyer Course certificate, and then TEGFCU will submit your grant application for FHLBNY approval.
Down Payment
You will need to provide a minimum of $1,000 of your own funds to use towards the purchase of the home.
Owner Occupancy
HBD Plus is a grant funded at closing and will reflect the Closing Disclosure. There are no retention requirements or subordinate lien associated with this grant.
Coming soon – Opens March 18, 2024
Find Out if You Qualify
Interested members should speak to one of our Mortgage Loan Consultants. Jessica, Matt, Scott, Darren, Jeffrey, or Kevin can discuss the eligibility requirements with you to determine if you’ll qualify for the program.
Then, we can help you get started by getting you prequalified so you can shop for your new house. Once you have found a home and we are processing your mortgage, TEG will submit your homebuyer dream grant application to FHLBNY for approval.
Talk to one of our Mortgage Officers about a pre-approval. Getting pre-approved ahead of home shopping is important so you’ll be ready to go!
Who Can Apply?
As a not-for-profit credit union, our focus is to be your financial partner, helping you to save money and guiding you to financial success. Come talk to us and discover the TEG Difference. Membership is open to all those who live, work, worship or attend school in the New York Counties of Dutchess, Orange, Rockland, Putnam, Sullivan, Ulster and Westchester.
The grant funds will be made available to qualifying first-time homebuyers in conjunction with a TEGFCU mortgage. Please contact a mortgage officer for additional details if you are a member looking to purchase outside of our charter area.
How Does the Program Work?
- Discuss the Eligibility Criteria and Required Documentation 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, provide your fully executed purchase contract, income documentation, and Homebuyer Course certificate. TEGFCU will submit your grant application to the Federal Home Loan Bank of NY.
- FHLBNY reviews your application and submitted documents.
- The grant is subject to the FHLBNY approval. If approved, you have up to 90 days to close on your new home.
Please note: Grants are not transferable to different homebuyer borrowers or properties.
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.
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 preapproved 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:
• Help you get pre-approved
• Complete your application
• Get you to your closing with a smile
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Today's Featured Conventional Mortgage & Refinance Rates*
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| 30 Year Fixed | 7.000% | 7.132% | 0.750% |
| 20 Year Fixed | 6.750% | 6.920% | 0.750% |
| 15 Year Fixed | 6.625% | 6.877% | 1.000% |
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| 10/6 ARM | 6.500% | 7.000% | 0.750% | +/- 5.00% | +/- 1.00% | +/- 5.00% |