Homebuyer Dream Program Wealth Builder

What is Homebuyer Dream Program Wealth Builder?

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

• HDP Wealth Builder is an FHLBNY first-time homebuyer grant for buyers who also qualify as first-generation homebuyers, earning <= 120% AMI in NY/NJ, within the FHLBNY District. Grants (up to $30,000 suite maximum) through member lenders for down payment, closing costs, and counseling, with no retention period. Layerable with HDP or HDP Plus (not both).
• Grant for down payment and closing costs.
• First-generation buyer support.
• No retention period.
• Statewide in NJ.
• Funding comes from FHLBNY (not a statutory AHP contribution; funding assessed annually).

How much assistance does it provide?

Homebuyer Dream Program Wealth Builder 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 Wealth Builder is structured as a grant, so it is not repaid.

• Repayment is triggered by None - no retention period.
• 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 Wealth Builder is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homebuyer Dream Program Wealth Builder limits household income to 120% of the area median income, which varies by county and household size.

• NY/NJ: income <= 120% AMI (Mortgage Revenue Bond standard; county-specific). Borrower must also be a first-generation homebuyer.
• 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 Wealth Builder can be used for Single Family, Condo, Townhouse, and 1-4 Family.

Is there eligibility for specific groups?

Homebuyer Dream Program Wealth Builder names first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Homebuyer Dream Program Wealth Builder serves buyers purchasing in Statewide County, New Jersey.

• The program targets specific areas: Property within the FHLBNY District (NY/NJ/PR/USVI); all NJ metros qualify. Borrower must be a first-generation homebuyer.

How do you apply?

Applications for Homebuyer Dream Program Wealth Builder 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. 1

   Take a homebuyer education course

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

2. 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. 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.