Receive up to $15,000 for your first home.
Five Star Bank is taking part in the Homebuyer Dream Program® Suite through the Federal Home Loan Bank of New York (FHLBNY). Individuals and families buying their first home in the state of New York are eligible to apply. The funding for this program is provided by the FHLBNY, is limited, and will be distributed on a first come, first served basis.
- Receive up to $14,500 to fund your down payment and/or closing costs
- Get up to $500 towards a homeownership counseling program
The $500 credit may go towards homeownership counseling programs that can cost anywhere from free to a few hundred dollars, depending on the program and the services offered. Some programs may also offer additional resources after the course is completed. You may use the counseling agency of your choice. A few organizations local to your area may include:
Buffalo | Elmira | Rochester |
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716.884.7791
716.885.2344
716.712.2060
|
607.317.5677
607.277.4500
607.772.6766
|
585.546.3700
585.325.4170
585.546.3440
|
Eligibility Requirements
- Must be a first time homebuyer as defined by the U.S. Department of Housing and Urban Development
- Reside and purchase a home in New York State
- Total household income must be at or below 80% of the Area Median Income (AMI) for the county where purchase takes place
- Have an executed purchase and sales contract prior to the funding reservation request
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Homebuyer must complete a homeownership counseling program prior to the funding reservation request
- Homebuyer must commit to 5-year retention period
NOTE: Eligibility requirements listed above are specific to the Homebuyer Dream Program.® Area Median Income (AMI) limits vary between products in the Homebuyer Dream Program Suite.® The full suite includes the Homebuyer Dream Program®, HDP Plus and HDP Wealth Builder. For more program details, contact us at 1-866-661-7946 or fill out the form below.
Free Homeownership Tools
We recognize that buying a home is a big decision. We have an entire playlist of financial education courses dedicated to owning a home- all digital and free to help inform you on the benefits and costs of buying and owning a home. Explore the Owning a Home playlist in our Financial Education Hub or start with a specific topic. Each class can be completed in under 10 minutes!
We also have a collection of financial calculators to help you run the numbers when evaluating financial decisions. Below is a calculator to help you through the process of finding out how much you can borrow based on income, purchase price or total monthly payment. Check out our full collection of calculators - including Rent v. Buy, Mortgage Qualifier, Mortgage Comparison, Bi-Weekly Payment and more - found under resources in our main menu.
