Homebuyer Dream Program

New funding available mid-February 2025

Eligible home buyers may receive down payment and closing cost assistance from financial institutions that participate in the Homebuyer Dream Program. Lenders may choose to participate in three different program offerings. Each program variation has different income limits and geographies served as well as other eligibility requirements. Lenders determine the maximum amount of assistance. Eligibility requirements include:

Complete a homebuyer counseling program
Be a first-time buyer
Meet household income guidelines based on where you purchase
Income based on all residents 18+ who will reside in the new home
Purchase an eligible property: 1-4 family; condominiums; co-operatives; or a manufactured home permanently affixed to a foundation
If you buy a 2+ unit property, the expected rental income will be added to your income to determine eligibility
Have personal savings of $1,000
Obtain your mortgage from the participating lender

INCOME ELIGIBILITY

As of July 2024, you are eligible if your gross income does not exceed the limits below. Applicable for homes purchased in the counties of Albany, Rensselaer, Saratoga, and Schenectady:

Household Size or 1 or 2 persons: Income up to $94,240

Household Size of 3 or more persons: Income up to $108,370

Some program offerings (if available from your lender) may assist households of 1 or 2 with incomes up to $141,360 and households of 3 or more with incomes up to $164,920.

Funding for the Homebuyer Dream Program is available through your lender from the Federal Home Loan Bank of New York. Contact your housing advisor or a participating lender for up-to-date information.

Homebuyer Dream Program

INCOME ELIGIBILITY

PARTICIPATING CAPITAL REGION LENDING PARTNERS