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.
because the point is you.
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. 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 $7,000 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. Dept. of Housing and Urban Development
- Household must have a total household income of 80% or below of the Area Median Income for the county in which the household is purchasing
- 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
This program is currently closed.
Five Star Bank has 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.