Eligible First-Time Home Buyers

The first round of the Homebuyer Dream Program will open in June 2021.
There will be at least four offerings throughout the spring and summer of 2021.

The Credit Union can help make your homeownership dreams come true with the NEW Homebuyer Dream Program (HDP). The program provides qualified homebuyers a grant of up to $9,500 to be used towards down payment and closing cost for first-time homebuyers.  Additionally, the Homebuyer Dream Program also offers up to $500 in grant funding towards the costs of the homeownership counseling course. 

This grant program is through the Federal Home Loan Bank of New York (FHLBNY).  This program is offered on a first come, first served basis so don’t miss out!

Eligibility Requirements

  • Must be first-time homebuyers.
  • Reside and purchase a home in New York or New Jersey.
  • Eligible properties include: Single-family homes, 2 to 4-unit properties and condos.
  • Remain in the home for 5 years or repay a portion of the grant funds back to FHLBNY.
  • Applicants must complete a homebuyer counseling program.
  • Have the minimum equity contribution of $1,000 towards purchase of the home.
  • Meet the income and credit requirements for the program. The household’s income must be at or below 80% of the AMI (Area Medium Income) for the county where the property is being purchased, adjusted for family size.

    How does the program work?

  • Finding out if you are eligible. Regional income limits vary by county:
    Click here for New York.
    Click here for New Jersey.
  • Complete our mortgage loan application to be pre-qualify.
  • Complete the Pre-Purchase Counseling course, and provide us with a certificate of completion. 
    Click here for a list of counselors in your area.

    In addition to the upcoming Homebuyer Dream Program, the Credit Union has additional mortgage options:

  • Competitive interest rates and no origination points.
  • Minimum down payment of 5% is required (Homebuyer(s) must provide a minimum contribution of $1,000 towards the purchase of the home).
  • A licensed mortgage loan officer to help you every step of the process.
  • An easy online application.

    Get Prequalified

    Simply complete the secure online application.

    Have Questions?
    Contact our mortgage specialist.

    The HDP will be administered as an annual round on a first-come, first served basis. There is no guarantee that funds will be available when your reservation request is submitted.
    The launch is expected in June 2021 and will remain open for reservations until funds are exhausted, or until September of the current calendar year.
    * Home must pass a Housing Quality Standards (HQS) inspection before purchase.
    * The Homebuyer Dream Program is a registered trademark of the Federal Home Loan Bank of New York. 
    The First-Time Homebuyer program is available only to qualified first-time homebuyers. Income, geographic and other restrictions and limitations apply. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts.
    All loan applications are subject to credit and property approval, collateral verification, and UFCU’s terms and conditions. Unilever Federal Credit Union NMLS # 457994.