Contact us today to see if you qualify for a grant to help with the purchase of your new home!

Jeff Bank and the Federal Home Loan Bank of New York (FHLBNY) are working together to provide grant assistance to qualified first-time homebuyers. With the Homebuyer Dream Program and Homebuyer Dream Plus, you could receive a grant up to $20,000 towards the down payment, closing costs, and homeownership counseling costs associated with the purchase of a home in New York. Participants must provide a minimum equity contribution of $1,000. Funds are available on a first come, first serve basis.

Our knowledgeable mortgage professionals will walk you through the process and provide assistance throughout the whole process from application to closing. To learn more information, please contact Tanja McKerrell or Valerie Panich in our Loan Origination Department at (845) 482-4000.

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*The Homebuyer Dream Program and Homebuyer Dream Plus is a registered trademark of the Federal Home Loan Bank of New York. Additional program details will be forthcoming.

Homebuyer Dream Program

  • Must be a first-time homebuyer (have not owned a home individually or with a spouse in the last three years)
  • Must be purchasing in Sullivan, Orange, Ulster, or Delaware Counties in New York
  • Have a total household income that is at or below 80% in the below counties:
    • In Sullivan County, 1 or 2 person households up to $82,960. 3-person households up to $95,404
    • In Orange County, 1 or 2 person households up to $95,200. 3-person households up to $109,480
    • In Ulster County, 1 or 2 person households up to $82,960. 3-person households up to $95,404
    • In Delaware County, 1 or 2 person households up to $82,960. 3-person households up to $95,404
  • Must demonstrate a reliable source of income including full time employment, pension, disability, social security, or other recurring sources
  • Complete an accredited homeownership course
  • Contribute a minimum equity contribution of $1,000 toward purchase of the home
  • Remain in the home for at least five (5) years or repay a portion of the grant funds back to FHLBNY

 

 

 

Homebuyer Dream Plus

  • Must be a first-time homebuyer (have not owned a home individually or with a spouse in the last three years)
  • Must be purchasing in Sullivan, Orange, Ulster, or Delaware Counties in New York
  • Have a total household income that is between 80% and 120% in the below counties:
    • In Sullivan County, 1 or 2 person households between $82,960 and $124,400. 3-person households between $95,404 and $143,106
    • In Orange County, 1 or 2 person households between $95,200 and $142,800. 3-person households between $109,480 and $164,220
    • In Ulster County, 1 or 2 person households between $82,960 and $124,400. 3-person households between $95,404 and $143,106
    • In Delaware County, 1 or 2 person households between $82,960 and $124,400. 3-person households between $95,404 and $143,106
  • Must demonstrate a reliable source of income including full time employment, pension, disability, social security, or other recurring sources
  • Complete an accredited homeownership course
  • Contribute a minimum equity contribution of $1,000 toward purchase of the home
  • Remain in the home for at least five (5) years or repay a portion of the grant funds back to FHLBNY

 

Other terms and conditions may apply.

  • Up to $19,500 in grant funding is available to be applied to down payment and closing costs
  • Up to $500 in grant funding is available to offset the cost of the homeownership course

  1. Contact Tanja McKerrell or Valerie Panich in our Loan Origination Department at (845) 482-4000.
  2. Complete an approved homebuyer education course.
  3. Qualify for a Jeff Bank mortgage.

 

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