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Homebuyer Dream Program Plus (HDP Plus)

Federal Home Loan Bank of New York (via participating member lenders) · Statewide County, New Jersey

Last verified
See what you qualify forOfficial program site →
Assistance

$30,000

The maximum the program publishes — not an offer

Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is Homebuyer Dream Program Plus (HDP Plus)?

Homebuyer Dream Program Plus (HDP Plus) is a grant for homebuyers in Statewide County, New Jersey, administered by Federal Home Loan Bank of New York (via participating member lenders).

  • HDP Plus is a complementary FHLBNY first-time homebuyer grant (created 2024) for buyers earning above 80% but not exceeding 120% AMI in NY/NJ, purchasing within the FHLBNY District. Up to $30,000 through member lenders toward down payment, closing costs, and counseling. Unlike base HDP, no retention period. Funding assessed annually.
  • Up to $30,000.
  • No retention period.
  • Higher income limit (up to 120% AMI).
  • Statewide in NJ.
  • Funding comes from FHLBNY (not a statutory AHP contribution; funding assessed annually).

How much assistance does it provide?

Homebuyer Dream Program Plus (HDP Plus) offers up to $30,000 in assistance.

  • Buyer 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.

Do you have to pay it back?

Homebuyer Dream Program Plus (HDP Plus) is structured as a grant, so it is not repaid.

  • Repayment is triggered by None - no retention period for HDP Plus.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homebuyer Dream Program Plus (HDP Plus) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through Homebuyer counseling required via member lender
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Must use an FHLBNY participating member lender. NJ income >80% and <=120% AMI. $1,000 buyer contribution; counseling required. Not a statutory AHP contribution - funding assessed annually, subject to change. UNCONFIRMED: 4-person income dollar limit, min credit score, max DTI.

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Homebuyer Dream Program Plus (HDP Plus) limits household income to 120% of the area median income, which varies by county and household size.

  • NY/NJ: income > 80% but <= 120% AMI (Mortgage Revenue Bond standard; 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.

What kind of home can it be used for?

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

Where does it apply?

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

  • The program targets specific areas: Property must be within the FHLBNY District (NY/NJ/PR/USVI); all of NJ qualifies.

How do you apply?

Applications for Homebuyer Dream Program Plus (HDP Plus) 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.

  1. Take a homebuyer education course

    Required by the program, through Homebuyer counseling required via member lender.

  2. Contact Federal Home Loan Bank of New York (via participating member lenders) to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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