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 Homebuyer Dream Program® Request Form (in MS Excel format, containing the .xlsx file extension) selecting the Funding Request option. The Homebuyer Dream Program® Request Form along with the following documentation (in PDF format) must be submitted to the FHLBNY via the Secure File Transfer Portal 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 Homebuyer Dream Program is disbursed to the member’s Overnight Investment Account, upon review and approval by FHLBNY of the Homebuyer Dream Program® Request Form and all supporting documentation.