Mortgage Programs
Homebuyer Dream Program
The Homebuyer Dream Program® (HDP) is a non-competitive grant program offered to eligible first-time homebuyers that provides funds toward the loan’s down payment and closing costs.
All GRB allotments for the 2024 Homebuyer Dream Program have been filled.
Please continue to work with your GRB Mortgage Originator, as additional funds may become available at a later date. Your GRB Mortgage Originator can also help you prepare for the 2025 round of Homebuyer Dream.
GRB and the Federal Home Loan Bank of New York (FHLBNY) work together to provide grant assistance to qualified first-time home buyers. The Homebuyer Dream ProgramTM provides grants toward the purchase of a home in the state of New York. The FHLBNY uses an allotment program, providing lenders with a set amount of funding for the year. Funds are distributed to homebuyers on a first come, first serve basis.
The annual HDP program begins accepting applications for funds as they are distributed by the FHLBNY. It varies year to year. This means it is critical that prospective Homebuyer Dream applicants begin working with lenders early in order to be ready to apply when the program opens or as additional funds are released.
Homebuyer Dream
Eligibility requirements
- Must be first-time home buyers**
- Reside and purchase a home in New York
- Have a household income at or below 80% of area median income
- Complete an accredited homeownership course
- Meet the income and credit requirements for the program
- Have the minimum equity contribution of $1,000 toward purchase of the home
- Remain in the home for five years or repay a portion of the grant funds back to FHLBNY
Additional Program Notes:
Grant funding is available to be applied to down payment and closing costs, and up to $500 in grant funding is available to offset the cost of the homeownership course.
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Important Information
- 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
* The Homebuyer Dream Program is a registered trademark of the Federal Home Loan Bank of New York. Additional program details are available on the Federal Home Loan Bank of New York website. Please work with your GRB Mortgage Loan Originator to discuss your specific situation.
** First-time homebuyer as defined by the U.S. Department of Housing and Urban Development (“HUD”), is an individual who meets any of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers).
- A single parent who has only owned a principal residence with a former spouse while married.
- Individual who is a displaced homemaker and has only owned a principal residence with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.