Mortgage & Home Equity

Homebuyer Dream Program®

homebuyer dream program couple moving into new home

Prequalification for The Homebuyer Dream Program® (HDP) for 2026 has begun.

We are accepting new reservation requests for the 2026 Homebuyer Dream Program. Check below for more details and program qualifications.

 

About the Program

Members must meet qualification requirements and be a first-time homebuyer.1 Reservations are given to eligible individuals on a first come, first serve basis.2 The program overview with all qualifications and steps is available for review below. Join fellow first-time homebuyers and register for any of our upcoming Homebuyer Dream program webinars.

Register for a Webinar 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 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:

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 mortgage@summitfcu.org.

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/.