Homebuyer Dream Program®s |
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Contact us to see if you qualify for a grant to help with the purchase of your home.
At Solvay Bank, we want to help make buying a home an attainable goal for everyone. For many, saving for a down payment and closing costs is the main challenge. With the Homebuyer Dream Program® and the Homebuyer Dream Program® Plus, you can receive a grant of up to $20,000 for your home’s down payment, closing costs and homeownership counseling costs! Funds are available on a first-come, first-served basis.
Easy: We provide assistance to help you obtain a generous grant from the Federal Home Loan Bank of NY (FHLBNY) to use toward your home’s down payment and closing costs.
Smart: A great way for qualifying first-time homebuyers to realize their homeownership dream.
To learn more about the Homebuyer Dream Program® or the Homebuyer Dream Program® Plus, as offered by Solvay Bank, contact one of our Mortgage Loan Officers today at 315-484-2205 or [email protected].
The Homebuyer Dream Program® is available if you:
- Are a first-time homebuyer or have not owned a home in the last three years (except for single parents and displaced homemakers who own only a primary residence with their spouse)
- Meet income eligibility requirements, including a household income at or below 80% of the area median income (AMI) in the county where you are purchasing a home
- Provide at least $1,000 down payment towards the purchase of the home
- Complete a homeownership counseling program
The Homebuyer Dream Program® Plus is available if you:
- Are a first-time homebuyer or have not owned a home in the last three years (except for single parents and displaced homemakers who own only a primary residence with their spouse)
- Meet income eligibility requirements, including a household income greater than 80% of the area median income (AMI), but not exceeding 120% AMI in the county where you are purchasing a home
- Provide at least $1,000 down payment towards the purchase of the home
- Complete a homeownership counseling program
- Make an appointment with a Mortgage Loan Officer. At your appointment, if qualified, you’ll sign the Enrollment Terms & Conditions which outlines the program requirements. You will also need to bring:
• Most recent 30 days of pay verification (paystubs, Sch. C, SSI, etc.)
• Last 2 years’ FEDERAL tax returns
• Last 2 years’ W-2s for all employment
• Most recent Bank Statements/Asset Accounts (two months for each account) - Complete an approved homebuyer education course. The course can answer questions about the home buying process and prepare you for purchasing a home.
- Qualify for a Solvay Bank mortgage. Your Mortgage Loan Officer will guide you through this process to see if you qualify for this mortgage. If approved, at closing you will also sign a subordinate mortgage for the Homebuyer Dream Program® grant. Your grant term is forgiven after five years; however, if your home is sold prior to five years, under certain circumstances, you may have to repay all or a portion of the grant.