First Time Homebuyer Program

The Homebuyer Dream Program

*This program is now closed for 2019. Stay tuned for new details coming in 2020!*
A house is so much more than a roof over your head. It's a private movie theatre, a gallery for budding artists, and a restaurant where you always have a table -- in a word, home. Let us help you find yours.

The Federal Home Loan Bank of New York, (FHLBNY), is pleased to announce its Homebuyer Dream Program™. Bank of the Finger Lakes will utilize this new program for its applicants, which will provide down-payment and closing cost assistance to first-time  homebuyers.

  • 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
*Designed for low to moderate income homebuyers looking to purchase their first home.
This program is designed for an individual or household not looking to purchase a house right away, but are looking to start saving to purchase one in the next year or two.
Even after all the requirements are met, completing the program doesn't automatically guarantee that you will qualify for a mortgage. Participants must go through the normal mortgage qualification process.
NMLS# 645557

Your future self is waiting.