Homebuyer Dream Program® 2024

 homebuyer dream program couple moving into new home

The Homebuyer Dream Program® is now accepting reservations for the 2024 year


About the Program

Members must meet qualification requirements and be a first-time homebuyer.1 Receive up to $20,000, with $19,500 toward your down payment and closing costs and $500 toward homebuyer education. Reservations are given to eligible individuals on a first come, first serve basis.2

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.

Program Eligibility Criteria & Required Documentation


Learn more: Register for a seminar

Register to attend one of our (free!) upcoming seminars to discover who the program is for, next steps if you’re eligible, and alternative options if you are not eligible for the grant.

Program Requirements

  • 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) for the county in which the home is being purchased, adjusted for household size. For 2024, for one- and two-person households, your AMI must be at or below $82,960. For a three-person+ household your AMI must be at or below $95,404.
  • 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:

Are you farther along in your homebuying process?

If you’re at a more advanced stage in your homebuying process (e.g. you are prequalified or you already have a purchase and sales contract), take our quiz to get sense of if you meet the program requirements. If you have questions or want to learn more, be sure to register for one of our upcoming seminars on the grant program.

Home Financing Resources

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 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. The grant is provided through the Federal Home Loan Bank of NY and begins on January 8, 2024.
  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/.

Subject to change at any time.