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Homebuyer Dream Program™

Homebuyer Dream Program™

With Finger Lakes Federal Credit Union and the Homebuyer Dream Program™, you can receive a grant for up to $20,000 to help you purchase your first home. The grant provides down payment and/or closing cost assistance. As of January 8, 2024, a brand-new round of the Homebuyer Dream Program™ is open!

About the Program:

Members must meet certain 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 New York program and subject to their approval.

Program Eligibility 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 Credit Union lends.3
  • Minimum contribution of $1,000 toward the purchase of your home.
  • Fully executed Purchase and Sales Contract.
  • Completed Homeownership Counseling course by a HUD approved agency. We can help you find the closest accredited Homeownership Counseling agency.

How does the program work?

  1. Discuss the eligibility requirements with a Finger Lakes Federal Credit Union Mortgage Loan Officer to confirm you’ll be able to join the program.
  2. Get pre-approved ahead of time so you’ll be ready to go! Our team will work with you to prepare a mortgage preapproval so you can find the home of your dreams.
  3. Complete the homeownership counseling class to receive your certificate.
  4. Once in an accepted purchase contract for your new home, FHLBNY reviews your reservation request along with the accepted contract, verification of income, and the completion certificate for your home buyer education. Once reviewed and approved FHLBNY will send a notification of funding commitment.
  5. You have 120 days after receiving the funding commitment to close on your new home!

FINGER LAKES FEDERAL CREDIT UNION 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. Finger Lakes Federal Credit Union lends in the following counties: Cayuga, Livingston, Monroe, Onondaga, Ontario, Orleans, Schuyler, Seneca, Steuben, Tompkins, Wayne, and 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

Subject to change at any time.