Mortgage & Home Equity

Homebuyer Dream Program®

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The Homebuyer Dream Program® is now open

Get up to $10,0001 for your first home2 with the Homebuyer Dream Program.

Eligibility Requirements Contact Us

Turn your dream home into a reality.

What’s more exciting than buying your first home? Getting up to $10,000 in grant funds for the downpayment and closing costs! The Homebuyer Dream Program runs through August 31, 2023.

The Homebuyer Dream Program can make first time homebuying a reality with a $10,000 grant through the Federal Home Loan Bank of NY, with $9,500 towards a down payment and closing costs and $500 towards homeownership counseling.

The best part? The money doesn’t have to be repaid if you stay in the home for five years* because it is a grant.

There are a limited number of grants available annually on a first come, first served basis.

Program Eligibility Requirements

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You are a first-time homebuyer.

A first-time homebuyer is defined as an individual who has not owned a home during the 3-year period prior to the purchase of the new home.

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Your household is at or below 80% of the Area Median Income (AMI).

Learn more about AMI in our blog.

You are purchasing a home in New York State within the counties in which The Summit lends.

Next Steps

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You will need to be able to make a minimum contribution of $1,000 toward the purchase of your home.

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You will need to have a fully executed Purchase and Sales Contract.

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You will need to complete a Homeownership Counseling course prior to applying to reserve your spot for the program.

Homeownership Counseling

Homeownership Counseling covers the decision to purchase a home, the selection and purchase of a home, issues arising during or affecting the period of ownership of a home (financing, refinancing, default, foreclosure, other financial decisions), and the sale or other disposition of a home.

Regional agencies offering Homeownership Counseling:

If you meet all the requirements our team is here to guide you through next steps.

Get in touch

Destination Summit:

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THE SUMMIT IS AN EQUAL HOUSING LENDER and federally insured by NCUA. Membership eligibility required. Loan approval based on creditworthiness.

1. Members must meet qualification requirements and be a first-time homebuyer. Up to $9,500 for down payment and closing costs and $500 toward homebuyer education. HDP funds are distributed on a first come first serve basis. There is no guarantee that funds will be available when your Reservation Request is submitted. The grant is provided from the Federal Home Loan Bank of NY program and subject to their approval.

2. A first-time homebuyer is defined as an individual who has not owned a home during the 3-year period prior to the purchase of the new home.

*The homeowner must agree to maintain ownership and reside in the property as their primary residence for five years from the closing date or repay a prorated share of the Homebuyer Dream grant.

The Homebuyer Dream Program® (HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY).  Additional program details regarding the HPD are available on the FHLBNY’s website at https://www.fhlbny.com/community/housing-programs/hdp/.

Subject to change at any time.