Homebuyer Dream Program
With Family First and the Homebuyer Dream Program, you can get up to a $20,000 grant to help you purchase your first home!
What is the Homebuyer Dream Program?
The HDP is a grant program offered to eligible first time home buyers that provides up to $20,000 for the purchase of your first home. This grant program is through the Federal Home Loan Bank of New York. The program will become available on January 8th, 2024.
Remember, it’s important to get pre-approved ahead of time so you’ll be ready to go! Contact Ron Kraft or Julie Vella to get started on the pre-approval process today.
How does the program work?
- Discuss the eligibility requirements with a Family First Mortgage Expert to confirm you’ll be able to join the program.
- Complete the homeownership counseling class to receive your certificate
- Family First will work with you to prepare a mortgage preapproval so you can find the home of your dreams.
- 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 will send a notification of funding commitment.
- You have 120 days after receiving the funding commitment to close on your new home!
What do I have to do to be eligible for this program?
- Talk to one of our mortgage consultants about a pre-approval
- 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)
- 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