2024 Homebuyer Dream Program® Plus is now available!
- $19,500 can be used towards loan down payment and loan closing costs
- $500 can be used towards homeownership counseling costs
- Available to eligible first-time homebuyers on a first-come, first-served basis
Reservations of funds are subject to approval by FHLBY and assigned to eligible applicants on a first-come, first-serve basis.
How does the Program Work?
- Discuss the eligibility requirements with a Lusitania Mortgage Loan Processor to confirm you’ll be able to join the program.
- Complete the homeownership counseling class to receive your certificate.
- Once you have an accepted purchase contract for your new home, FHLBNY reviews your reservation request and all your documentation.
- Once approved, a funding commitment will be provided, where you will have 120 days to close on your new home.
- Lusitania will provide step-by-step assistance to help you with the process and obtain this generous grant from the Federal Home Loan Bank of New York (FHLBNY).
Program Eligibility Requirements:
The Homebuyer Dream Program® Plus is available if you:
• Are a first-time homebuyer or have not owned a home in the last 3 years (except for single parents and displaced homemakers who only owned a primary residence with their spouse).
• Meet income eligibility requirements, including a household income greater than 80% of the area median income (AMI), but not exceeding 120% AMI in the county where you are purchasing a property.
• Provide at least $1,000.00 down payment towards the purchase of the home.
• Complete a homeownership counseling program.
• Qualify for and obtain a mortgage at Lusitania Savings Bank.
GET STARTED TODAY!
By Phone
Talk to a Loan Processor
(973) 344-5125, ext 128
FIND A LOAN PROCESSOR
The Homebuyer Dream Program® Plus is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). Additional program details are available on the FHLBNY website at fhlbny.com/community/housing-programs/hdp
