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Homebuyer Dream Program Plus®


What is the Homebuyer Dream Program Plus® (HDP+®)?

HDP+® is a program that provides grant funds to be used towards down payment and closing cost assistance to eligible first-time homebuyers earning between 80% and 120% the Area Median Income (“AMI”). 

The maximum grant that a household may receive is up to $9,500 with an additional $500.00 towards the defrayment of homeownership counseling costs, resulting in the potential maximum assistance of $10,000.00.

The program is open now but, funds are limited. Contact our team today!

How to Get Started

  1. Speak with a WSB Mortgage Originator to discuss eligibility requirements and obtain a prequalification.
  2. Complete the homeownership counseling course to receive your Certificate (within 18 months prior to the reservation request date).*
  3. Provide a fully executed Purchase and Sales contract on a home and complete your Loan Application with your WSB Mortgage Originator.
  4. The Federal Home Loan Bank of New York (FHLBNY) will review the grant reservation request.
  5. Once approved, FHLBNY will send a funding commitment at which time you have 120 days to close on your new home!

Eligibility Requirements

You must meet the following requirements prior to WSB requesting a grant reservation for the HDP+®:

  • Meet the definition of a “first-time home buyer”**
  • Meet income requirements, between 80% and 120% Area Medium Income (AMI) for the county in which the home is being purchased***
  • The homebuyer(s) must demonstrate a reliable stream of income; examples include full time employment (defined as ≥ 32 hours a week), pension, disability award, Social Security, Individual Retirement Accounts, or other recurring sources. All sources of income for all individuals, 18 years and older, who will reside in the home must be verified.  The income of non-occupying co-signers, co-borrowers, or guarantors must also be included in the calculation for determining income eligibility.
  • Have a minimum of $1,000 equity contribution toward the purchase of the home
  • Complete an approved home ownership course*
  • Have an executed purchase and sales contract
  • Other restrictions may apply

*Housing Counseling Services: Available Online Here

**First-time homebuyer as defined by the U.S. Department of Housing and Urban Development (“HUD”), is an individual who meets any of the following criteria:

  • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of the purchase of the property. This includes a spouse (if meets the above test, they are considered first-time homebuyers).
  • A single parent who has only owned a principal residence with a former spouse while married.
  • Individual who is a displaced homemaker and has only owned a principal residence with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes and could not be brought into compliance for less than the cost of constructing a permanent structure.


*** Area Medium Income 1 & 2 Person Household 1 & 2 Person Household 3+ Person Household 3+ Person Household
  Min. Allowable Income Max. Allowable Income  Min. Allowable Income  Max. Allowable Income
Orange/ Dutchess County $95,200.01 $142,800.00 $109,480.01 $164,220.00
Ulster/ Sullivan County $82,960.01 $124,440.00 $95,404.01 $143,106.00



The FHLBNY and WSB reserve the right to change the terms and conditions at any time, without prior notice. The funds are limited and are available on a first-come, first-served basis and even if the customer meets all of the terms and conditions this does not guarantee that there may be funds available at the time that they qualify. The FHLBNY, in its sole discretion, may refuse to honor a Homebuyer Dream Plus Program funding request. NYFHLB and Walden Savings Bank are not affiliates.

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