Homebuyer Dream Program®
Homebuyer Dream Program® (HDP®)
Grant funds under the HDP are disbursed to the member on a post-closing basis. The FHLBNY requires the closing and the reimbursement of funds to the Member to occur within the 120-day commitment period. Funding requests should be submitted to the FHLBNY no later than fifteen (15) days prior to commitment expiration.
The member will need to submit a HDP Round Request Form (in MS Excel format, containing the .xlsx file extension) selecting the Funding Request option. The HDP Round Request Form along with the following documentation (in PDF format) must be submitted via the FHLBNY File Transfer System as one Zip file per household:
- Closing Disclosure
- Subordinate Mortgage
- Certification of Intent to Record
- Promissory Note (applicable to Puerto Rico and US Virgin Islands only
- Declaration of Restrictive Deed Covenant (applicable to FHA financing)
The grant under the HDP is disbursed to the member’s Overnight Investment Account, upon review and approval by FHLBNY of the HDP Round Request Form and all supporting documentation.