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.

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.
Sr. Mortgage
Loan Officer
NMLS# 22486
Phone: 845.790.6608
Cell: 845.656.7552
JessicaS@tegfcu.com
Apply Now
Sr. Mortgage
Loan Officer
NMLS# 404022
Phone: 845.790.6607
Cell: 914.589.9907
MatthewB@tegfcu.com
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Sr. Mortgage
Loan Officer
NMLS# 404038
Phone: 845.790.6606
Cell: 845.728.4419
DarrenD@tegfcu.com
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Mortgage
Loan Officer
NMLS# 1841508
Phone: 845.790.6604
Cell: 845.728.4419
ScottM@tegfcu.com
Apply Now
Mortgage
Loan Officer
NMLS# 1466211
Phone: 845.790.6605
Cell: 845.464.4692
JeffreyS@tegfcu.com
Apply Now
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*
Term | Rate | APR | Points |
---|---|---|---|
30 Year Fixed | 6.875% | 6.931% | 0.000% |
20 Year Fixed | 6.750% | 6.823% | 0.000% |
15 Year Fixed | 6.500% | 6.629% | 0.250% |
Today's Featured Adjustable-Rate Mortgage (ARM) Rates*
Mortgage Type | Rate as low as | APR as low as | Points | First Cap | Subsequent Cap | Lifetime Cap |
---|---|---|---|---|---|---|
5/6 ARM | 5.375% | 6.557% | 0.000% | +/- 2.00% | +/- 1.00% | +/- 5.00% |
10/6 ARM | 5.875% | 6.395% | 0.000% | +/- 5.00% | +/- 1.00% | +/- 5.00% |