Homebuyer Dream Program
What is the Homebuyer Dream Program?
The Homebuyer Dream Program (HDP) is a grant program offered to eligible first-time homebuyers that provides money for the purchase of your first home. This grant program is through the Federal Home Loan Bank of New York. All the grants for the 2025 Homebuyer Dream Program that were allotted to Family First have been utilized. Please check back on this page during late Summer/early Fall, as the Federal Home Loan Bank often provides additional grants at that time.
Contact Ron Kraft or Julie Vella to get started on the pre-approval process today! If you’re interested in other first-time homebuyer assistance programs, click here to learn more.
How does the program work?
- Discuss the eligibility requirements with a Family First Mortgage Expert to confirm you qualify.
- Complete a mandatory homeownership counseling class to receive your certificate.
- Family First will then help you prepare a mortgage preapproval so you can find the home of your dreams.
- When you have an accepted purchase contract, the Federal Home Loan Bank of NY will review your reservation request, purchase contract, income verification, and counseling certificate. Once approved, a notification of funding commitment is sent.
- Once you have received your funding commitment, you then have 120 days 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 – 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
Click Here for current Homebuyer Dream Program Income Limits
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.