With Family First and the Homebuyer Dream Program, you can get up to a $15,000 grant to help you purchase your first home!
What is the Homebuyer Dream Program?
The HBD is a grant program offered to eligible first time home buyers that provides up to $15,000 on a first come first serve basis. Grant money can be used to pay up to $14,500 towards down payment and closing costs and $500 as credit towards an approved homeowner counseling program. This grant program is through the Federal Home Loan Bank of New York and is expected to become available in July of 2019, but it's important to get pre-approved before then so you'll be ready to go!
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. Tom Confer or Julie Vella, our mortgage consultants, can get you going on your journey!
- Complete the home ownership counseling class to receive your certificate
- Family First will prepare a qualified mortgage for the home you're purchasing and then submit a reservation request to the Federal Home Loan Bank of NY.
- The FHLBNY reviews your reservation request and sends a notification of funding commitment when it's approved.
- 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
Contact Tom Confer or Julie Vella today to get yourself on the path to home ownership with the Homebuyer Dream Program! You can also click here to visit the FHLBNY page about this program. If you're interested in other first time home buyer assistance programs, click here!