Homebuyer Dream Program (HDP)

Homebuyer Dream Program (HDP) is a forgivable loan for homebuyers in Statewide County, New Jersey, administered by Federal Home Loan Bank of New York (via participating member lenders). A Homeownership Set-Aside grant from FHLBNY, delivered through member lenders, providing up to $30,000 toward down payment, closing costs, and counseling for first-time buyers <= 80% AMI. 2026 round opened Feb 9, 2026 ($31.67M) through Nov 27, 2026 or until exhausted. 5-year retention; counseling and $1,000 buyer contribution required. Up to $30,000 for down payment and closing costs. No repayment if 5-year retention met. Statewide in NJ. Layerable with HDP Wealth Builder. Funding comes from FHLBNY Affordable Housing Program / Homeownership Set-Aside (2026 round $31,670,000).

Homebuyer Dream Program (HDP) offers up to $30,000 in assistance. Homebuyer contribution: Minimum $1,000 total buyer contribution. Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of New York (via participating member lenders) determines any individual award.

Homebuyer Dream Program (HDP) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro-rata recapture if sold, cash-out refinanced, or ceases to be owner-occupied within the 5-year retention period. The assistance is recorded in Subordinate (retention agreement) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homebuyer Dream Program (HDP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Homebuyer counseling required, coordinated via the member lender. Must use an FHLBNY participating member lender. 5-year retention (pro-rata recapture). Minimum $1,000 buyer contribution; counseling required.

Homebuyer Dream Program (HDP) limits household income to 80% of the area median income, which varies by county and household size. Household income <= 80% AMI (NY/NJ use Mortgage Revenue Bond limits; county-specific). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Homebuyer Dream Program (HDP) can be used for Single Family, Condo, Townhouse, and 1-4 Family.

Homebuyer Dream Program (HDP) serves homebuyers purchasing in Statewide County, New Jersey.

Applications for Homebuyer Dream Program (HDP) go through Federal Home Loan Bank of New York (via participating member lenders), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.