What is the Homebuyer Dream Program (HDP)?
The HDP is a grant program offered to eligible first time homebuyers that provides up to $15,000 on a first come first serve basis. Grant money can be used to pay up to $14,500 towards down payment and closing costs and $500 as credit towards an approved homeowner counseling program. This grant program is through the Federal Home Loan Bank of New York (FHLBNY).
Receive $500 Off Closing Costs
If you are receiving a HDP grant and finance with HVFCU, you are also eligible for $500 off closing costs2. Combine the $500 off closing costs, HVFCU’s low mortgage rates, and the HDP grant to maximize the affordability of your home!
How does the program work?
- Discuss eligibility requirements with an HVFCU Mortgage Loan Officer to determine if you’re able to join the program. One of our Mortgage Loan Officers can help guide you on your journey to home ownership.
- Complete the home ownership counseling class to receive your certificate. (Must use an approved Housing Counseling Agency)
- A Mortgage Loan Officer will work with you to prepare a mortgage preapproval so you can find the home of your dreams.
- Once you have entered into an accepted purchase contract for your new home, FHLBNY reviews your reservation request for approval along with the accepted contract, verification of income, and the completion certificate for your homebuyer education.
- You have 120 days after receiving the funding commitment to close on your new home!
Note – if you are an existing First Home Club member, you may switch to the new Homebuyer Dream Program. Please speak to one of our Mortgage Loan Officers for more details.
What do I have to do to be eligible for this program?
- Talk to one of our Mortgage Loan Officers about an HVFCU pre-approval
- Be a qualified first-time homebuyer
- Meet income requirements (80% or below of the Area Medium Income for the county in which the home is being purchased)
- Have an executed purchase and sales contract prior to the funding reservation date
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Complete an approved home ownership course prior to the reservation submission
- Agree to remain in the purchased home during the 5 year retention period or repay a prorated share of the grant if you sell the property
Contact a Mortgage Loan Officer today to get yourself on the path to home ownership with the Homebuyer Dream Program! You can also visit the FHLBNY page about this program.
Additional Opportunity to Save for Home Ownership:
Earn Up To $1,0003 Off Closing Costs with an HVFCU Mortgage Savings Account
Becoming a homeowner is an exciting milestone, and one that we want to help you achieve with our special Mortgage Savings Account.
- By saving as little as $100 a month, you can earn up to $1,0003 towards your closing costs when you finance your mortgage with HVFCU.
- You'll earn $1 for every $5 deposited, up to that $1,0003 maximum
- Account must be open for ten months.
Open a Mortgage Savings Account Online