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Homebuyer Dream Program and Homebuyer Dream Program Plus

 

Seneca Savings Bank, N.A. and the Federal Home Loan Bank of New York (FHLBNY) work together to provide grant assistance to qualified first-time home buyers. Buyers may qualify for up to $20,833 through the Homebuyer Dream Program (HDP) and up to $20,000 through the Homebuyer Dream Program Plus (HDP Plus) to help with down payment and closing costs.

 

 

Eligibility Requirements:

  • Must be a first-time homebuyer. This is generally defined as not having owned a home individually or with a spouse in the last three years.
  • Meet the income and credit requirements for the program.
  • Provide at least $1,000 toward your home purchase from a verifiable source.
  • Requires remaining in the home for five years or repay a portion of the grant funds back to FHLBNY*.
  • Complete an acceptable home buyer counseling program.
These requirements are subject to change and additional criteria may apply per the FHLBNY.
*Qualification of Homebuyer Dream Program only, does not apply to Homebuyer Dream Program Plus.

 

 

Homebuyer Dream Program Wealth Builder

 

Seneca Savings Bank, N.A. and the Federal Home Loan Bank of New York (FHLBNY) also offer the HDP Wealth Builder, providing up to $10,000 in grant assistance for qualified first-time homebuyers to use toward down payment and closing costs.

 

 

 

Eligibility Requirements:

  • Must be a first-time homebuyer. This is generally defined as not having owned a home individually or with a spouse in the last three years.
    • Applicants must either live in a majority‑minority census tract or qualify as a First‑Generation Homebuyer.
  • Household income must be at or below 120% of the area median income.
  • Must meet the program’s income and credit qualification standards.
  • Must contribute at least $1,000 toward the home purchase from a verifiable source.
  • Must complete an approved homebuyer counseling program.
Program requirements are subject to change, and additional FHLBNY criteria may apply.

 

Important Note:
All programs are offered on a first-come, first serve basis to eligible buyers. There is no guarantee that funds will be available when your Reservation Request is submitted.

To learn more about the Homebuyer Dream Programs, visit the FHLBNY website.