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Digital Banking

Skyline of neighborhood in summer evening.

Homebuyer Dream Program

Invest in the American Dream. We'll help yours come true.

We are happy to announce that this year’s round of funding for the Federal Home Loan Bank of New York’s (FHLBNY) Homebuyer Dream ProgramTM began on May 3rd, 2021. Funding provided by the FHLBNY is limited and will be distributed on a first come, first served basis. Complete the form below or contact a Five Star Bank Mortgage Loan Originator for more information.


Program Details

  • Receive up to $9,500 to fund your downpayment and/or closing costs
  • Get up to $500 towards a homeownership counseling program

To qualify

  • Individual 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

For additional information, contact us at 1-877-226-5578, visit your local branch or fill out the form below!
 
 
Fill out and submit the contact 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.