Homebuyer Dream Programs

You may be eligible for up to $30,000 in grants! 2025 program rounds are now open.

The 2025 Homebuyer Dream Program^® (HDP®), Homebuyer Dream Program^® Plus (HDP^® Plus), and the NEW Homebuyer Dream Program^® Wealth Builder (HDP^® Wealth Builder) rounds are now open. Ulster Savings Bank is expected to be allocated grant funds. For more information pertaining to these programs, please see the Federal Home Loan Bank of New York’s website at: Homebuyer Dream Program® Suite - Federal Home Loan Bank of New York.

Our Mortgage Specialists are available at a mutually agreeable time at the office location most convenient for you.

Homebuyer Dream Programs*

The Homebuyer Dream Program (HDP), Homebuyer Dream Program Plus (HDP Plus) and the HDP Wealth Builder grants help reduce the cost to buy a home. First-time homebuyers may be eligible for grants up to $30,000. Funds are limited (with no guarantee of approval). You may be eligible for $29,500 towards the down payment and closing costs of a one to four-family home or condo and $500 towards non-profit homeownership counseling. The program will be administered as one annual round for the submission of HDP, HDP Plus, and HDP WEalth Builder reservation requests.

The HDP. HDP Plus, and HDP Wealth Builder rounds will be available as of February 10, 2025. You must obtain a mortgage with Ulster Savings Bank to receive these grants. The differences between the three programs are income limits, the location where the participant can purchase a property, and retention period. Also, for the HDP program the participant(s) need to stay in their home for five years. This does not apply to the HDP Plus and HDP Wealth Builder program.

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HDP Requirements

You must meet the following requirements to apply for a HDP grant.

Homebuyer Status: First-time homebuyer or no ownership of a home for the past 3 years**
Household Income: 80% or below area median income (AMI) in the county of house purchase
Homebuyer Contribution: $1,000 minimum toward house purchase
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.

Class: Must attend homeownership counseling class (cost covered by grant)
Retention Period: Remain in the home for five years or may need to repay a portion of the grant funds back to the Federal Home Loan Bank of New York (FHLBNY).
Geographic Availability: All states and US territories.
Other restrictions may apply.

HDP Plus Requirements

You must meet the following requirements to apply for the HDP Plus grant:

Homebuyer Status: First-time homebuyer or no ownership of a home for the past 3 years**
Household Income: Earning over 80%, but not to exceed 120% area median income (AMI) in the county of house purchase.
Homebuyer Contribution: $1,000 minimum toward house purchase
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.

Class: Must attend homeownership counseling class (cost covered by grant)
Retention Period: None.
Geographic Availability: NY, NJ, PR, and U.S. Virgin Islands.
Other restrictions may apply.

HDP Wealth Builder Requirements - NEW!

You must meet the following requirements to apply for the HDP Wealth Builder grant:

Homebuyer Status: First-Time Homebuyer** must either reside in a majority-minority census tract or qualify as First-Generation Homebuyer.
Household Income: 120% or below area median income (AMI) in the county of house purchase.
Can be layered with the HDP or HDP Plus (never both), and/or AHP General Fund. Note: If layering, capped at $60K in grant funds provided by the FHLBNY (similar to the AHP General Fund)
Homebuyer Contribution: $1,000 minimum toward house purchase.

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.
Class: Must attend homeownership counseling class (cost covered by grant).
Retention Period: None.
Geographic Availability: NY, NJ, PR, and U.S. Virgin Islands.

Dutchess County Income Limits

Homebuyer Dream Program:

1-2 Person Household
$95,200
3+ Person Household
$109,480

Homebuyer Dream Plus Program:

1-2 Person Household
Income Range: $95,200.01 - $142,800
3+ Person Household
Income Range: $109,480.01 - $164,220

Homebuyer Dream Wealth Builder Program:

1-2 Person Household
$142,800
3+ Person Household
$164,220

Contact

NeighborWorks HomeOwnership
291 Mill Street • Poughkeepsie, NY 12601
www.hudsonriverhousing.org
845-454-9288

For Information on other counties
Call Ulster Savings at 845-338-6322, Ext. 3253

Orange County Income Limits

Homebuyer Dream Program:

1-2 Person Household
$95,200
3+ Person Household
$109,480

Homebuyer Dream Plus Program:

1-2 Person Household
Income Range: $95,200.01 - $142,800
3+ Person Household
Income Range: $109,480.01 - $164,220

Homebuyer Dream Wealth Builder Program:

1-2 Person Household
$142,800
3+ Person Household
$164,220

Contacts

Orange County RDAC
3 North Street • Walden, NY 12586
845-713-4568

PathStone
PO Box 1086 • Newburgh, NY 12551
www.pathstone.org
845-569-0770

For Information on other counties
Call Ulster Savings at 845-338-6322, Ext. 3253

Ulster County Income Limits

Homebuyer Dream Program:

1 & 2 Person Household
$82,960
3+ Person Household
$95,404

Homebuyer Dream Plus Program:

1 & 2 Person Household
Income Range: $82,960.01 - $124,440
3+ Person Household
Income Range: $95,404.01 - $143,106

Homebuyer Dream Wealth Builder Program:

1-2 Person Household
$124,440
3+ Person Household
$143,106

Contact

Rural Ulster Preservation Co. (RUPCO)
NeighborWorks HomeOwnership Center
289 Fair Street • Kingston, NY 12401
www.rupco.org
845-331-2140

For Information on other counties
Call Ulster Savings at 845-338-6322, Ext. 3253

Helpful Links

Please note, the information in this post refers to the 2025 HDP, HDP Plus, and HDP Wealth Builder grant programs. The Federal Home Loan Bank of New York (FHLBNY) assesses the HDP and the HDP Plus on an annual basis and the programs are subject to change.

* Homebuyer Dream Program. Homebuyer Dream Plus Program, and Homebuyer Dream Wealth Builder Program are trademarks of the Federal Home Loan Bank of New York (FHLBNY).

** 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.

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