First Time Homebuyer

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) and the Homebuyer Dream Program Plus (HDP Plus) grants help reduce the cost to buy a home. First-time homebuyers may be eligible for grants up to $20,000. Funds are limited (with no guarantee of approval). You may be eligible for $19,500 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 and HDP Plus Reservation Requests. The HDP round is now available, but funds are limited. The HDP Plus round starts 3/18/2024. You must obtain a mortgage with Ulster Savings Bank to receive these grants.

The differences between the two programs are income limits and the location where the participant can purchase a property. Also, for the HDP program the participant needs to stay in their home for five years. This does not apply for the HDP Plus program.

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.

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

  • Homebuyer Status: First-time homebuyer or no ownership of a home for the past 3 years**
  • Household Income: 80% to 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 USVI.
  • Other restrictions may apply,.

Household Income Limits

Dutchess County

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

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

Contact

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

Orange County

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

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

Contact(s)

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

Ulster County

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

HDP Plus:
1 & 2 Person Household
     Income Range:  $82,960.01 - $124,440
3+ Person Household
     Income Range:  $95,404.01 - $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 Bank at 845-338-6322, Ext. 3253

FAIR LENDING STATEMENT: Ulster Savings Bank is committed to making high quality banking and credit services available to all applicants consistently and in compliance with fair lending laws and within the confines of safe and sound banking practices.  Ulster Savings Bank believes that its commitment to fair lending is a good business practice as well as a basic responsibility of the company.  The Bank’s success at serving a wide range of consumer and business customers is essential to the economic welfare of the community in which it conducts business and to the continued growth and vitality of the company. 
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