Homebuyer Dream Program® (HDP®)*

Get up to a $20,000 grant to help you purchase your first home! 2024 program begins January 8, 2024.

What is the Homebuyer Dream Program (HDP)?

The HDP is a grant program offered to eligible first time homebuyers that provides up to $20,000 on a first come first serve basis. Grant money can be used to pay up to $19,500 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?

  • Discuss eligibility requirements with an HVCU Mortgage Loan Officer to determine if you’re able to join the program.  They will guide you on 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 your dream home.
  • 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 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 $1,0001 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 $1,0001 towards your closing costs when you finance your mortgage with HVCU
  • You'll earn $1 for every $5 deposited, up to that $1,0001 maximum
  • Account must be open for ten months
Woman sitting on stairs with dog

Speak With a Mortgage Loan Officer

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

Additional Resources

  • Mortgage Rates
  • Mortgage Calculators
  • Home Insurance
  • Mortgage Accelerator Program (MAP)

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Important Legal Disclosures & Information

For complaints and inquiries concerning your mortgage or home equity, please share your experience with us. You may also contact the New York State Department of Financial Services Consumer Assistance Unit at 800.342.3736 or by visiting the Department's website at www.dfs.gov.

* Registration in the Homebuyer Dream Program does not guarantee approval of any mortgage through Hudson Valley Credit Union. Homebuyer Dream Program and HDP are registered trademarks of the Federal Home Loan Bank of New York.

The tools and calculators on the HVCU website are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your financial circumstances are not guaranteed. HVCU does not provide tax, legal, accounting, financial, investment or other professional advice. The tools and calculators should not be used as a substitute for tax, legal, accounting, financial, investment or other professional advice. Your use of the tools or calculators does not assure the availability of, or your eligibility for, any specific product offered by HVCU or its affiliates. The terms and conditions of specific products may differ and affect the results obtained by using these tools and calculators. All financing is subject to credit approval. The default figures, amounts and information shown in the tools and calculators are hypothetical and may not be applicable to you. Please consult with qualified professionals to discuss your particular situation.

1 APY=Annual Percentage Yield. The APY is 0.02%, effective as of 5/16/24, 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. Fees may reduce earnings. May be subject to IRS reporting.