Mortgage & Home Equity

Homebuyer Dream Program®

homebuyer dream program couple moving into new home

We are not currently accepting reservation requests for The Homebuyer Dream Program® (HDP) for 2026.

We have reached our reservation limited for the 2026 calendar year. Check back later in the year for more details and program qualifications.

Program Details

Please note, 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.

2026 Homebuyer Dream Program®

Members must meet qualification requirements and be a first-time homebuyer1. Reservations are given to eligible individuals on a first come, first serve basis2. The program overview with all qualifications and steps are available for review below.

Want to learn more about the HDP program? Reach out to The Summit’s Mortgage team with your questions!

Program Requirements

To enroll in the Homebuyer Dream Program, you must meet the requirements listed below prior to The Summit submitting a reservation request for you into the Homebuyer Dream Program.

  • Be 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.
  • Household income at or below 80% of the Area Median Income (AMI Limits) for the county in which the home is being purchased, adjusted for household size. For 2025, for one-person and two-person households, your AMI must be at or below $84,160. For a three-person+ household your AMI must be at or below $96,784*.
  • Purchase a home in the counties in which The Summit lends.3
  • Minimum contribution of $1,000 toward the purchase of your home.
  • Fully executed Purchase and Sales Contract.
  • Completed Homeownership Counseling course. Find your closest regional agency offering Homeownership Counseling:

Homebuyer Dream Program®Suite

The Homebuyer Dream Program is part of the Federal Home Loan Bank of New York ‘s (FHLBNY) Homebuyer Dream Program Suite. The full suite offers three first-home homebuyer programs the Homebuyer Dream Program, HDP Plus, and HDP Wealth Builder. Below you can compare the different programs and their requirements.

Start your homebuying journey by reaching out to The Summit’s Mortgage team with questions on any of the HDP Programs!

Homebuyer Dream Program®

HDP® Plus

HDP® Wealth Builder

First-Time Homebuyer Requirements

First-Time Homebuyer

First-Time Homebuyer

First-Time Homebuyer must either reside in a majority-minority census tract or qualify as First-Generation Homebuyer

Area Median Income (AMI) Limits

≤ 80% AMI

> 80% AMI but not to exceed 120% AMI

≤ 120% AMI

Purchase Property Occupancy

Owner-Occupied Primary Residence

Owner-Occupied Primary Residence

Owner-Occupied Primary Residence

Grant Usage

Down payment, closing cost assistance, and first-time homebuyer counseling

Down payment, closing cost assistance, and first-time homebuyer counseling

Down payment, closing cost assistance, and first-time homebuyer counseling

Minimum Homebuyer Contribution

$1,000

$1,000

$1,000

5-Year Retention Period

Regulatory Requirement

Not Required

Not Required

Homebuyer Counseling Required

Yes

Yes

Yes

Ready to Take the Next Step?

Get Started

Learn More

Learn More

Get in touch with us!

If you have general questions about how to get prequalified for a mortgage, The Summit’s team is here to answer your questions.

Call (585) 453-7010 or email [email protected].

THE SUMMIT IS AN EQUAL HOUSING LENDER and federally insured by NCUA. Membership eligibility required. Loan approval based on creditworthiness. Subject to change at any time.

*AMI limits are provided for illustrative purposes only, based on 2025 figures, and are subject to change without notice.

  1. Members must meet qualification requirements and be a first-time homebuyer which, based on the definition by the U.S. Department of Housing and Urban Development (“HUD”), is defined as an individual who meets any of the following criteria:
    • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers).
    • A single parent who has only owned a principal residence with a former spouse while married.
    • An individual who is a displaced homemaker and has only owned a principal residence with a spouse.
    • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
    • An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.
  2. 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.
  3. The Summit lends in the following counties: Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Erie, Genesee, Jefferson, Lewis, Livingston, Madison, Monroe, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Wyoming, Yates.

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/.