Homebuyer Dream Program®1

First Time Homebuyers qualify2 for a grant up to $20,0003

Offered for a Limited Time Only | Call Today

PROGRAM QUALIFICATIONS

  • Must be a first-time homebuyer that has not owned a home in the past 3 years.
  • Homebuyer must live in a household at or below 80% of Area Median Income (AMI).
    • 1 & 2 family household $100,240.
    • 3+ family household $115,276.
  • Homebuyer must purchase home in Cape May County and remain at that home as their primary residence for 5 years from the closing date or repay a prorated share of the HDP grant.
  • Homebuyer must contribute at least $1,000.
  • Homebuyer must complete Homeownership Counseling Certificate from a homeownership counseling agency.
  • Grant funds may be used towards downpayment and closing costs, and do not have any repayment requirements as long as 5 year residence is met.
  • All funds are available on a first come, first served basis

PROGRAM STEPS

  1. Get pre-qualified for a mortgage with Crest Savings Bank and determine HDP eligibility.
  2. Provide documentation of all adult household income.
  3. Complete homeownership counseling course through an accredited counseling agencies prior to program enrollment and obtain a certificate.
  4. Start looking for a house and make an offer. You must be in contract to purchase your home before the grant application can be submitted.
  5. Provide your fully executed purchase contract, income documentation, and Homebuyer Course certificate and Crest Savings Bank will submit your grant application for FHLBNY approval.
  6. If approved, you have up to 90 days to close on your new home.

Please note: Grants are not transferable to different homebuyer borrowers or properties

Contact Us Today

Email
Email Us
Call Us at: 609.522.5011

1.CREST SAVINGS BANK IS AN EQUAL HOUSING LENDER and is federally insured by the FDIC. The Homebuyer Dream Program® (HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). Additional program details regarding the HDP are available on the FHLBNY’s website at https://www.fhlbny.com/community/housing-programs/hdp/.

2.Borrowers must meet eligibility, loan approval, HDP qualification requirements, and be a first-time homebuyer. A first-time homebuyer is defined as an individual who has not owned a home during the 3 years before the purchase of the new home.

3.Grant is up to $20,000 for down payment, closing costs and toward homebuyer education. HDP funds are distributed on a first come first serve basis. There is no guarantee that funds will be available when your grant application is submitted. The grant is a Federal Home Loan Bank of NY program and funding is subject to their approval. Grants are not transferable.