Jeff Bank and the Federal Home Loan Bank of New York (FHLBNY) are working together to provide grant assistance to qualified first-time homebuyers who meet the income requirements of the Area Median Income 1. With the Homebuyer Dream, Plus, and Wealth Builder Programs 2, you could receive a grant to help cover the down payment, closing costs, and homeownership counseling costs associated with the purchase of a home in New York, within Jeff Bank’s lending footprint 3. Participants must provide a minimum equity contribution of $1,000. Funds are available on a first come, first served basis.
Our knowledgeable mortgage professionals will walk you through the process and provide assistance from application to closing. To learn more information, please request a call or contact Tanja McKerrell or Valerie Panich in our Loan Origination Department at (845) 482-4000.
Discover Your Program
The full suite of programs includes the Homebuyer Dream Program, Homebuyer Dream Program Plus, and Homebuyer Dream Program Wealth Builder.| Homebuyer Dream Program® | Homebuyer Dream Program® Plus | Homebuyer Dream Program® Wealth Builder | |
|---|---|---|---|
| Requirements | First-Time Homebuyer* | First-Time Homebuyer* | First-Time Homebuyer* must either reside in a majority-minority census tract or qualify as First-Generation Homebuyer |
| Area Median Income (AMI) Limits** | ≤ 80% AMI | > 80% AMI but not to exceed 120% AMI | ≤ 120% AMI |
| Purchase Property Occupancy | Owner-occupied primary residence | Owner-occupied primary residence | Owner-occupied primary residence |
| Grant Usage | Down payment, closing cost assistance, and first-time homebuyer counseling | Down payment, closing cost assistance, and first-time homebuyer counseling | Down payment, closing cost assistance, and first-time homebuyer counseling |
| Maximum Grant | Up to $30,000 per household | Up to $10,000 per household | Up to $15,000 per household |
| Minimum Homebuyer Contribution | $1,000 total | $1,000 total | $1,000 total |
| 5-Year Retention Period | ✔ | - | - |
| Homebuyer Counseling | ✔ | ✔ | ✔ |
| Optional Program Layering | HDP Wealth Builder | HDP Wealth Builder | HDP or HDP Plus |
*A first-time homebuyer is based on the definition by the U.S. Department of Housing and Urban Development (HUD) and includes but is not limited to 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, including a spouse; a single parent who has only owned a principal residence with a former spouse while married; an individual who is a displaced homemaker and has only owned a principal residence with a spouse; or an individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. Conditions and restrictions may apply.
**For more information on income requirements click here.
Get Started Today
- Get pre-qualified for a mortgage with Jeff Bank. Upon approval, applicant(s) will receive a pre-qualification letter which can be given to a real estate professional.
- Find a house and make an offer. If the offer is accepted, provide Jeff Bank with an attorney approved purchase contract.
- Complete a homebuyer counseling course with a local and approved counseling agency and provide the certificate of completion to Jeff Bank.
To learn more information, please request a call or contact Tanja McKerrell or Valerie Panich in our Loan Origination Department at (845) 482-4000.
1 See Eligibility Requirements for more details
2 The Homebuyer Dream Program®(HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). Additional program details regarding the HDP® are available on the FHLBNY’s website at Homebuyer Dream Program® Suite – Federal Home Loan Bank of New York
3 Sullivan, Orange, Ulster, or Delaware Counties in New York
