2024 Homebuyer Dream Program (HDP)

You can get up to a $20,000 grant to help you purchase your first home!

TEG Federal Credit Union is excited to participate in the 2024 Homebuyer Dream Program and proud to be able to help income eligible families make the dream of homeownership a reality.

What is the Homebuyer Dream Program?

TEGFCU provides assistance to help qualifying first-time homebuyers in New York obtain a generous grant (up to $20,000) from the Federal Home Loan Bank of New York (FHLBNY) to use towards your home’s down payment and closing costs.

  • 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

Grant funds for the HDP are limited each year and are distributed to eligible homebuyers on a first-come, first-served basis.

Find out if you qualify

Interested members should speak to one of our Mortgage Loan Consultants.  JessicaMattScott, DarrenJeffrey 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.

Homebuyer Dream Program (HDP) eligibility requirements

First-time Buyer(s)

In order 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

In order to meet the income and credit requirements household income for all adult occupants needs to be at or below 80% of area median income in the county where the new property is located.

Anyone over the age of 18 who will be living in the house must provide income verification, even if that person will not be on the mortgage.

Purchase and Sales Contract

You must be in contract to purchase your new home 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 TEG will submit your grant application for FHLBNY approval.

Talk to one of our Mortgage Officers about a pre-approval. It’s important to get pre-approved ahead of home shopping so you’ll be ready to go!

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

You are required to occupy the new property as your primary residence for at least five years.

Any buyer who owns and occupy the home purchased through the Homebuyer Dream Program for less than five years may be required to pay back a prorated portion of the grant funds.

After five years of occupancy the grant is forgiven.

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.

Income Limits

Household income for all occupants 18 years and older must be at or below 80% of Area Median Income (AMI) in the county where the new property is located.

Here is an example of the Median Income Guidelines for the list of our counties:

HDP Income Limit Chart for TEG counties

How Does the Program Work?

  1. Discuss the Eligibility Criteria and Required Documentation with a TEGFCU Mortgage Expert to determine if you will qualify for the program.
  2. Once in an accepted purchase contract for your new home, provide your fully executed purchase contract, income documentation,  and Homebuyer Course certificate and TEG will submit your grant application to the Federal Home Loan Bank of NY.
  3. FHLBNY reviews your application and submitted documents.
  4. 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:

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

NMLS# 22486

JESSICA SCHOEN

Senior Mortgage Officer

Matt Bannan

NMLS# 404022

MATTHEW BANNAN

Senior Mortgage Officer

Darren DiBenedetto Senior Mortgage Loan Officer at TEG Federal Credit Union

NMLS# 404038

Scott McNally

NMLS# 1841508

Jeffrey Shields Mortgage Loan Officer at TEGFCU

NMLS# 1466211

Kevin Arduino Mortgage Officer at TEGFCU

NMLS# 2514289

Today's Featured Conventional Mortgage & Refinance Rates*

Mortgage TypeRateAPRPoints
30 Year Fixed6.750%6.905%1.000%
20 Year Fixed6.625%6.826%1.000%
15 Year Fixed6.500%6.750%1.000%
*These rate charts are as of 2/23/2024 based on a $300,000, This is based on 75 LTV, 760 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 ARM6.000%7.118%1.000%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 ARM6.250%6.859%1.000%+/- 5.00%+/- 1.00%+/- 5.00%
*Effective date 2/23/2024. 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.
The Homebuyer Dream Program® (HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). Additional program details regarding the HDP are available on the FHLBNY’s website at https://www.fhlbny.com/community/housing-programs/hdp/. Borrowers must meet membership eligibility, loan approval, HDP qualification requirements, and 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. Grant is up to $19,500 for down payment and closing costs and $500 toward homebuyer education. HDP has limited funds that are available on a first-come, first-served basis and even if the Household meets all of the terms and conditions this does not guarantee that there may be funds available at the time that the Household qualifies.
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.