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The first time you walk through your front door.  The first time you have a home-cooked meal at your dining room table.  The first time you have friends or family over for a barbecue or backyard party.  They’re all firsts that you’re never going to forget.



At Rhinebeck Bank, we’re proud to be a part of those sorts of “firsts” for customers across the Hudson Valley.  Our friends at the Federal Home Loan Bank of New York (FHLBNY) have recently introduced a new first-time homebuyer grant program, the “Homebuyer Dream Program™”, a modernized set-aside program that “provides funds in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers,” according to their website.


Here are some key details about the Homebuyer Dream Program:

• Replaces the retired “First Home Club” program

• $14,500 grant available and $500 to help defray the cost of homeownership counseling, totaling $15,000

• Must be a First Time Homebuyer as defined by HUD

• Must meet household income limits

• No waiting period and monthly deposit requirements, unlike the First Home Club program

• Only requires a minimum equity contribution of $1,000 toward the purchase



If you are considering purchasing your first home, we encourage you to speak with one of our Residential Mortgage Lenders to learn more about the Homebuyer Dream Program and determine your eligibility.  Please visit our website at www.rhinebeckbank.com or call us at (845) 454-8555, Option #3 today to reach a Residential Mortgage Lender near you!


Rhinebeck Bank.  Member FDIC.  Equal Housing Lender.

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Hudson Valley Magazine editorial staff.