- 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
This program is currently closed!
The Federal Home Loan Bank of New York 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.