Empowering Your Possible:
Owning your first home

First-time homebuyers can receive a grant of up to $20,000

2024 Homebuyer Dream Program® (HDP) applications are now open!

As a member of the Federal Home Loan Bank of New York (FHLBNY), Suffolk Credit Union is proud to offer the Homebuyer Dream Program® (HDP). We can assist qualifying first-time homebuyers in New York in obtaining a generous grant from the FHLBNY to use towards your home’s down payment and closing costs.

Grant funds for the HDP are limited each year and are distributed to eligible homebuyers on a first-come, first-served basis.

For Down Payment and Closing Costs

up to $19,500 in grant funding is available

For required Cost of Home Ownership Course

up to $500 in grant funding is available

Program Steps

  1. Get pre-qualified for a mortgage with SCU and determine HDP eligibility.
  2. Homebuyers must provide verification of all household income for occupants 18 years of age or older.
  3. Complete a Homebuyer Counseling Course and obtain a certificate of completion.
  4. Look for a home and make an offer. You must have an executed purchase contract before the grant application can be submitted.
  5. Provide your purchase contract, income documentation, and Homebuyer Course Certificate and SCU will submit your grant application for FHLBNY approval.
  6. If approved, you have up to 90 days to close on your new home.

Get pre-approved today!

Getting pre-approved for a mortgage will help you when making an offer on your new home and can aid Suffolk Credit Union in determining your eligibility for HDP.

Program Qualifications

  • Must be a first-time homebuyer that has not owned a home in the past three years.
  • Grant funds will be made available to qualifying first-time homebuyers in conjunction with a SCU mortgage and homebuyers must contribute at least $1,000 of their own funds.
  • Household income for all occupants 18+ of the home must be included
  • Expanded income limits allow more households to qualify! Qualifying annual income up to $258,552 (120% of Area Median Income) for a three-family household in Nassau or Suffolk County!

Ready to get started?

Suffolk Credit Union partners with FHLBNY to offer these grants. See full grant guidelines at: