Homebuyer Dream Program* (HDP)

Jeff Bank and the Federal Home Loan Bank of New York (FHLBNY) are working together to provide grant assistance to qualified first-time homebuyers. The Homebuyer Dream ProgramTM provides grants of up to $10,000 towards the purchase of a home in New York.

The FHLBNY has allotted lenders with a set amount of funding that they can access through this program. The 2021 program has officially begun and will end on November 30, 2021.

 

Eligibility Requirements

  • Must be a first-time homebuyer (have not owned a home individually or with a spouse in the last three years)
  • Must reside and be purchasing in the state of New York
  • Have a total household income that is at or below 80% of Sullivan County’s median income
    • In Sullivan County, 1 or 2 person households up to $68,080. 3-person households up to $78,292
    • In Orange County, 1 or 2 person households up to $81,840. 3-person households up to $94,116
    • In Ulster County, 1 or 2 person households up to $68,080. 3-person households up to $78,292
    • In Delaware County, 1 or 2 person households up to $68,080. 3-person households up to $78,292
  • Complete an accredited homeownership course
  • Contribute a minimum of $1,000 towards the purchase
  • Remain in the home for at least five (5) years or repay a portion of the grant funds back to FHLBNY
  • Must be purchasing within Jeff Bank’s assessment area

 

Important Information

  • Up to $9,500 in grant funding is available to be applied to the down payment and closing costs
  • Up to $500 in grant funding is available to offset the cost of the homeownership course

 

To learn more information and / or apply, please contact Tanja McKerrell or Valerie Panich in our Loan Origination Department at (845) 482-4000.

 

*The Homebuyer Dream Program is a registered trademark of the Federal Home Loan Bank of New York. Additional program details will be forthcoming.

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