Homebuyer Dream Program
About the Program
The Homebuyer Dream Program® (HDP) offers eligible first-time homebuyers grant funding starting at $10,000 to use towards the purchase of their first home. Grants are awarded to eligible borrowers on a first-come, first-served basis. The 2026 program is now open, so contact a Family First Mortgage Expert to start the pre-qualification process today!
Click here to learn more about our other first-time homebuyer assistance programs.
Program Steps
- Speak with a Family First Mortgage Expert to review program eligibility requirements
- Get pre-qualified for a Family First mortgage
- Complete a mandatory homeownership counseling class
Once you have an accepted purchase contract, the Federal Home Loan Bank of NY will review the following documentation:
- Reservation request
- Accepted purchase contract
- Income verification
- Homeownership counseling certificate
2026 HDP Requirements
- Be a qualified first-time home buyer
- Meet income requirements (80% or below of the Area Medium Income for the county in which the home is being purchased – see current income limits below)
- Have an executed purchase and sales contract prior to the funding reservation date
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Complete an approved home ownership course prior to the funding reservation submission
- Agree to remain in the purchased home during the 5 year retention period or repay a prorated share of the grant if you sell the property
The FHLBNY and Family First reserves the right to change the terms and conditions at any time, without prior notice. The Household also fully understands that the limited funds 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, in its sole discretion, may refuse to honor a Homebuyer Dream Program funding request. The Household further agrees that any proceeds, which will not be, or cease to be, used for the purposes approved by the FHLBNY will be recaptured and the unused, or improperly used, grant will be returned to the FHLBNY. The Household will also acknowledge receipt of a copy of these terms and conditions.
