Homebuyer Dream Program1 – Get Up to a $10,000 Grant to Help You Purchase Your First Home!
What is the Homebuyer Dream Program (HDP)?
The HDP is a grant program offered to eligible first time homebuyers that provides up to $10,000 on a first come first serve basis. Grant money can be used to pay up to $9,500 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)
How does the program work?
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.
- Discuss eligibility requirements with an HVCU 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!
What do I have to do to be eligible for this program?
- Talk to one of our Mortgage Loan Officers about an HVCU 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 $1,0002 Off Closing Costs with an HVCU 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 $1,0002 towards your closing costs when you finance your mortgage with HVCU.
- You'll earn $1 for every $5 deposited, up to that $1,0002 maximum
- Account must be open for ten months.
Open an Account Online
What to Expect with an HVCU Mortgage
- Low down payment options
- Free pre-approvals
- Fast turnaround
- Low closing costs
- No mortgage pre-payment/payoff penalties
- In-house account servicing
- Local decision making
Registration in the Homebuyer Dream Program does not guarantee approval of any mortgage through Hudson Valley Credit Union.
APY=Annual Percentage Yield. The APY is 0.07%, effective as of 3/12/20, and is subject to change without notice. Account holder(s) is eligible to receive a lender credit of $1 for every $5 deposited up to a maximum of $1,000 toward closing costs when obtaining a mortgage loan through HVCU. Eligibility requires a separate Primary Savings membership account with a $5 minimum balance, a minimum opening deposit of $100, monthly deposits of $100 for a minimum of 10 months, and obtaining approval to close on an HVCU mortgage within 36 months of account opening. The lender credit is limited to one credit per mortgage and borrower may only receive the credit once. Withdrawal requests require the closing of the Mortgage Savings account. The Mortgage Savings account will automatically close and the balance will transfer to the member’s existing Primary Savings account. The closure will occur at the quarterly dividend posting following 36 months and the anniversary date of the original account opening. Lender credit amount is determined when a completed mortgage application is submitted and may be subject to change based on available mortgage programs