Homebuyer Dream Program®

What is the Homebuyer Dream Program?

First Heritage wants to help you get up to a $10,000 grant through the Homebuyer Dream Program to purchase your first home! The Homebuyer Dream Program (HDP) is a grant program financed by the Federal Home Loan Bank of New York (FHLBNY) to assist individuals and families with the purchase of their first home in New York or Pennsylvania. Eligible borrowers can receive up to $10,000 (per household) to be used for down payment and closing costs assistance. Program begins January 8th. Details of the program can be found by visiting: Homebuyer Dream Program Guidelines.

How to get started:

  • Speak with a First Heritage Mortgage Loan Officer about eligibility requirements for the program and to prepare for your mortgage preapproval.
  • When you have an accepted purchase contract for your new home, we will work with you on completing all program requirements, including homeownership counseling and verification documents.
  • That’s it! Once your grant is approved by the Federal Home Loan Bank of New York, the funds will be available at your closing.

Eligibility Requirements:

  • Must be a first-time homebuyer. This generally is defined as not having owned a home individually or with a spouse in the last three years.
  • Income limits apply.
  • Homebuyer(s) must contribute a minimum of $1,000 towards the costs of the purchase.
  • Homebuyers(s) must agree to reside in the home as your primary residence for five years or repay a prorated portion of the grant back to the Federal Home Loan Bank of New York.

Contact our mortgage team to get started! 

Our Mortgage Team is ready to help you find the home of your dreams! Call us at 800.833.3338, schedule an appointment or visit one of our branch locations!

NMLS ID 460887. Equal Housing Lender. This credit union is federally insured by the National Credit Union Administration. Homebuyer Dream Program is a service mark of the Federal Home Loan Bank of New York.