First Time Homebuyer Program
The Federal Home Loan Bank of New York, (FHLBNY), is pleased to announce its Homebuyer Dream Program™. Bank of Cooperstown will utilize this new program for its applicants, which will provide down-payment and closing cost assistance to ﬁrst-time homebuyers.
The Homebuyer Dream Program:
- Available to ﬁrst-time home buyers, only
- Provides up to $14,500 towards down payment and/or closing costs with up to $500 to complete Home Ownership Counseling
- There is no waiting period – Ready, Set, Buy!
- Borrowers only need to contribute $1000 of their own money (which can be gift money)
- Borrowers must earn less than 80% of the median area income (determined by what county the property resides in)
- Borrowers must own and live in the home for a minimum of ﬁve years
- Primary residence purchase only
- Purchase with as little as a 3% down payment