The Homebuyer Dream Program™ (HDP) is a grant program financed by the Federal Home Loan Bank of New York (FHLBNY) to assist individuals and families with the purchase of their first home.
The 2019 program received significant support and all available Homebuyer Dream Program funds have been fully exhausted. Contact a CNB Loan Originator for alternative mortgage solutions.
Homebuyer Dream Program:
- First-time home buyer
- A grant of up to $15,000 per household
($14,500 for down payment and other expenses,
additional $500 for defrayment of non-profit counseling agency costs)
- Low down payment
- Available on a first-come, first-served basis
The Homebuyer Dream Program™ (HDP) is a grant program financed by the Federal Home Loan Bank of New York (FHLBNY) to assist individuals and families with the purchase of their first home.
Homebuyer Dream Program:
- First-time home buyer
- A grant of up to $15,000 per household ($14,500 for down payment and other expenses, additional $500 for defrayment of non-profit counseling agency costs)
- Low down payment
- Available on a first-come, first-served basis
What does the FHLBNY provide through the HDP?
A grant of up to $15,000 per household - $14,500 for the down payment and expenses associated with purchasing their first home, and an additional $500 is available for defrayment of non-profit counseling agency costs.
How do I qualify?
You need to be a first-time homebuyer as defined by the U.S. Department of Housing and Urban Development (HUD) and the HDP guidelines.
The total household income must be at or below 80% of the Area Median Income (AMI) for the county in which the property is being purchased, as determined by the Mortgage Revenue Bond Median Income Guidelines for NYS.
Guidelines for Monroe, Ontario, Wayne and Genesee counties as of
July 2018 are:
- 1 & 2 person household's income cannot exceed $62,240.
- 3+ person household's income cannot exceed $71,576.
How do I sign up?
Meet with a CNB Mortgage Loan Originator (MLO) to determine if the HDP is a fit for your household, and if so we can begin the process of submitting a grant "Reservation" request to the FHLBNY.
The HDP uses a pool of money that is available annually between January 1st and November 30th on a first-come, first-served basis. "Reservations" are time stamped and decision times for grants are estimated at 15 days.
The FHLBNY requires all reservations to include:
- Income documentation
- Proof of a $1,000 equity down payment
- Purchase contract
- Certificate showing completion of a Homeownership Counseling Course
The household is required to live in the purchased home for a 5-year retention period or repay a prorated portion of the grant if the property is sold.
The FHLBNY, in its sole discretion, will determine whether each household has met the HDP eligibility requirements, prior to commitment of HDP grant funds.