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homebuyer dream program inside hero

homebuyer dream program

Five Star Bank continues to be a participant in the HomeBuyer Dream program. However, we have administered the maximum number of Homebuyer Dream Program grants for this round of funding. Please contact a Five Star Bank Mortgage Loan Originator for alternative mortgage solutions.

Making your dreams come true.

Five Star Bank is taking part in a grant program through the Federal Home Loan Bank of New York (FHLBNY) for first time homebuyers in the state of New York. The funding for this program is provided by the FHLBNY, is limited, and will be distributed on a first come, first served basis.

Program Details

  • Receive up to $19,500 to fund your down payment and/or closing costs
  • Get up to $500 towards a homeownership counseling program

How do you qualify?

  • Must be a first time homebuyer as defined by the U.S. Department of Housing and Urban Development
  • Total household income must be at or below 80% of the Area Median Income 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

For additional information, contact us at 1-866-661-7946, visit your local branch or fill out the form below!

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FHLBNY determines the qualifications for this program. Mortgage loan is subject to additional underwriting guidelines and credit approval.

Thank you for your submission!

We will be in touch with you soon.