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With Garden Savings and the Homebuyer Dream Program, you can get up to a $15,000 grant to help you purchase your first home!

*As of August 1, 2019 all funds for this program have been reserved.  Check back frequently for updates on fund availability.*


Through our partnership with the Federal Home Loan Bank of New York, we able to provide our members with the ability to apply for the Homebuyer Dream Program (HBD).

The HBD is a grant program offered to eligible first time home buyers that provides up to $15,000 on a first come first serve basis. Grant money can be used to pay up to $14,500 towards down payment and closing costs and $500 as credit towards an approved homeowner counseling program.

What do I have to do to be eligible for this program?

  • Speak with our mortgage team, Christine or Danielle, about a pre-approval
  • Be a qualified first-time home buyer
  • Meet income requirements (80% or below of the Area Medium Income for the county in which the home is being purchased)
  • Have an executed purchase and sales contract prior to the funding reservation date
  • Have a minimum of $1,000 equity contribution toward the purchase of the home
  • Complete an approved home ownership course prior to the funding reservation submission
  • Agree to remain in the purchased home during the 5 year retention period or repay a prorated share of the grant if you sell the property

How does the program work?

  1. Discuss the eligibility requirements with a Garden Savings Mortgage Experts, Christine or Danielle to confirm you’re eligible for the program.
  2. Complete the home ownership counseling class with E-Home America to receive your certificate. As an added bonus, Garden Savings will reimburse you for this class when you move forward with the mortgage application.
  3. We will work with you to prepare a mortgage preapproval so you can begin the search for your new home.
  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 send notification of a funding commitment.
  5. You have 120 days after receiving the funding commitment to close on your new home!

The Federal Home Loan Bank of New York has a full explanation of the program and its guidelines which can be accessed by clicking here.