Homebuyer Dream Grant
TEG Federal Credit Union is excited to participate in the 2021 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 May 3rd, 2021 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?
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.
Mortgage Purchase Rates*
|30 Year Fixed||3.125%||3.171%||0.000%|
|20 Year Fixed||3.000%||3.065%||0.000%|
|15 Year Fixed||2.500%||2.581%||0.000%|