What is the Homebuyer Dream Program (HDP)?
The Homebuyer Dream Program is a grant opportunity for first-time homebuyers, offering up to $15,000 in grants to help with your home purchase. The funds can be used for down payments, closing costs, and homeownership counseling. The program is administered by the Federal Home Loan Bank of New York (FHLBNY) and is available on a first-come, first-served basis.
How Does the Program Work?
- Speak with an AmeriCU Mortgage Loan Officer – Get personalized guidance on eligibility and mortgage pre-approval.
- Complete Homeownership Counseling – Attend an approved homeownership counseling course (grant covers the cost).
- Get Pre-Approved for Your Mortgage – Work with our specialists to secure pre-approval, then start house hunting!
- FHLBNY Approval Process – After you’ve signed a purchase contract, we’ll submit your documents to FHLBNY for final approval.
- Close on Your New Home – You will have 120 days after receiving the funding commitment to close on your home!
How Do I Qualify?
To be eligible for the Homebuyer Dream Program, you must meet the following criteria:
- First-time homebuyer (or have not owned a home in the last 3 years)
- Income requirements: 80% or below the Area Median Income (AMI) for the county
- Minimum $1,000 equity contribution toward your purchase
- Complete a qualified homeownership counseling class
- Commit to staying in the home for 5 years (or repay part of the grant if you sell before)
Start Your Path to Homeownership Today
Don’t wait—this program is available on a first-come, first-served basis! Speak with an AmeriCU Mortgage Loan Officer today to see if you qualify for the Homebuyer Dream Program and get started on your path to homeownership.
Additional Programs for 2026:
HDP Plus: For households earning 81-120% AMI.
HDP Wealth Builder: For first-time buyers in specific minority census tracts or as first-generation buyers.
Questions? Click the ‘Let’s Connect’ button in the bottom right-hand corner to get started!
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Program Availability & Terms
- Program begins February 9, 2026
- Funds are limited and available on a first-come, first-served basis
- No guarantee of approval
- For full details, visit Federal Home Loan Bank of New York’s website