First-Time Homebuyer


Down Payment Assistance Programs for First-Time Buyers on Long Island

Nassau Financial Federal Credit Union now offers access to the Homebuyer Dream Program® (HDP) Suite, providing grant assistance that may help reduce your upfront homebuying costs.













First-Time Homebuyer Programs

Your First Home May Be Closer Than You Think

Buying your first home can feel overwhelming, especially when you're trying to save for a down payment and closing costs. Nassau Financial can help you explore mortgage options and first-time homebuyer programs designed to make getting into a home more affordable.

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✓ Down Payment Assistance ✓ Closing Cost Assistance ✓ Local Mortgage Guidance
Eligible Homebuyers May Receive Up to $30,000
in first-time homebuyer grant assistance*

Qualifying first-generation homebuyers may also be eligible to combine programs for up to $60,000 in total assistance.

Program eligibility, grant availability and funding requirements apply.
More Help With Upfront Costs

Homebuyer Assistance That Can Make a Real Difference

Through the Federal Home Loan Bank of New York's Homebuyer Dream Program® Suite, eligible buyers may receive grant assistance toward qualifying down payment, closing costs and homebuyer counseling.

HDP or HDP Plus $30,000

Up to $30,000 in grant assistance for eligible first-time homebuyers.

+
 
HDP Wealth Builder $30,000

Additional assistance may be available for qualifying first-generation homebuyers.

Potentially up to $60,000 combined*
Eligible households may layer HDP Wealth Builder with either HDP or HDP Plus.
Explore Your Options

Which Program Could Fit You?

Income, first-time homebuyer status and other program requirements determine which options may be available.

First-Time Homebuyers

Homebuyer Dream Program®

For eligible buyers at or below 80% of Area Median Income.

Up to $30,000

Grant assistance may be used toward eligible down payment, closing costs and homebuyer counseling expenses.

This program may be a fit if:
  • You're an eligible first-time homebuyer
  • Your household income is at or below 80% AMI
  • You're purchasing an eligible primary residence
Check My Eligibility
Expanded Income Eligibility

HDP® Plus

Additional assistance for moderate-income first-time buyers.

Up to $30,000

HDP Plus expands eligibility for New York first-time buyers whose household income is above 80% but does not exceed 120% of AMI.

This program may be a fit if:
  • You're an eligible first-time homebuyer
  • Your household income is above traditional HDP limits
  • Your household income does not exceed 120% AMI in New York
Check My Eligibility
Can Be Combined

HDP® Wealth Builder

Additional assistance for qualifying first-generation homebuyers.

Up to $30,000 More

Eligible first-generation homebuyers may be able to combine Wealth Builder with HDP or HDP Plus for up to $60,000 in total grant assistance.

This program may be a fit if:
  • You're an eligible first-time homebuyer
  • You meet first-generation homebuyer requirements
  • Your New York household income does not exceed 120% AMI
Check My Eligibility
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Owned a Home Before? You May Still Be a First-Time Buyer.

Generally, you may qualify as a first-time homebuyer if you have not owned a primary residence during the previous three years, subject to applicable program definitions and requirements. Not sure where you fall? Our mortgage team can help review your situation.

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How It Works

From “Can I Afford a Home?” to “I Got the Keys.”

You don't have to figure everything out before talking with us. We'll help you understand the next steps.

1

Start With a Conversation

Tell us where you are in your homebuying journey and what you're hoping to accomplish.

2

Explore Your Options

We'll review mortgage options and first-time homebuyer programs that may fit your situation.

3

Complete the Requirements

If applicable, complete required homebuyer counseling and provide documentation needed for the program.

4

Move Toward Closing

Our mortgage team helps guide you through financing, grant requirements and the path toward closing.

Why Nassau Financial?

Buying Your First Home Is Different. Your Lender Should Understand That.

Get personal guidance from a local credit union that can help you understand both the mortgage and the assistance programs available.

⌂

Local Expertise

Work with a Long Island credit union that understands the communities and housing market you call home.

1:1

Personal Guidance

Have an actual mortgage professional help you understand your options and next steps.

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Homebuyer Programs

Explore all three 2026 FHLBNY Homebuyer Dream Program options through Nassau Financial.

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Mortgage Options

Explore Nassau Financial mortgage financing based on your needs, qualifications and property.

Plan Your Purchase

Helpful Tools for Your Homebuying Journey

Whether you're just starting to budget or already looking at homes, these resources can help you prepare.

Calculator

How Much Home Can I Afford?

Use our mortgage qualifier calculator to estimate your potential purchasing power.

Try the Mortgage Calculator →
Current Rates

Compare Mortgage Rates

Review Nassau Financial's current first mortgage rates and available terms.

View Mortgage Rates →
Personal Help

Talk With Our Mortgage Team

Tell us about your plans and we'll help you understand the mortgage and assistance options that may be available.

Start a Free Consultation →
Questions & Answers

First-Time Homebuyer FAQs

Here are answers to some of the questions we hear most often.

How much first-time homebuyer assistance could I receive?

Eligible buyers may qualify for up to $30,000 through HDP or HDP Plus. Qualifying first-generation homebuyers may also be eligible for HDP Wealth Builder, which can potentially be combined with HDP or HDP Plus for up to $60,000 in total grant assistance. Program requirements and funding availability apply.

What qualifies someone as a first-time homebuyer?

Generally, a first-time homebuyer is someone who has not owned a primary residence during the previous three years, subject to applicable program definitions and requirements.

What is a first-generation homebuyer?

Under current HDP Wealth Builder guidelines, an eligible household must include a borrower whose parents or legal guardian do not currently own and have not previously owned a home in the United States, or a borrower who has aged out of foster care. Other program requirements also apply.

Are there income limits?

Yes. HDP is generally available to eligible households at or below 80% of Area Median Income. For New York households, HDP Plus applies above 80% but not exceeding 120% of AMI, while HDP Wealth Builder allows eligible first-generation households at or below 120% AMI. Income limits are determined under applicable program guidelines.

What can the grant money be used for?

Eligible grant funds may be used toward qualifying down payment, closing cost assistance and first-time homebuyer counseling, subject to applicable program requirements.

Is there a minimum contribution from the homebuyer?

Current FHLBNY guidelines generally require a minimum $1,000 total contribution from the homebuyer, including when eligible HDP programs are layered. Additional requirements may apply.

Is homebuyer counseling required?

Yes. Recipients are required to complete an eligible homebuyer counseling program as part of the Homebuyer Dream Program process.

Do the grants have to be repaid?

Repayment and retention requirements vary by program. Traditional HDP is subject to a five-year retention requirement, while current FHLBNY guidelines do not require the same five-year retention period for HDP Plus or HDP Wealth Builder. A Nassau Financial mortgage specialist will review the requirements of any program you qualify for before you proceed.

Can the programs be used with different types of mortgages?

Homebuyer Dream Program assistance may be used with eligible mortgage financing, subject to mortgage underwriting, property eligibility and applicable program guidelines. Our mortgage team can help review the options available for your situation.

Do I need perfect credit to qualify?

Not necessarily. Mortgage approval and program eligibility depend on multiple factors, including income, credit, property, underwriting requirements and your overall financial profile.

Your Next Step

You Don't Have to Figure Out Homebuying Alone.

Whether you're still wondering what you can afford or you've already started looking at homes, Nassau Financial can help you understand your mortgage and first-time homebuyer options.

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 Start with a conversation. No obligation to apply.










*Homebuyer Dream Program®, HDP® Plus and HDP® Wealth Builder are programs of the Federal Home Loan Bank of New York (FHLBNY). Maximum grant amounts are subject to eligibility, program guidelines, available funding and Nassau Financial Federal Credit Union participation. HDP Wealth Builder may be combined with either HDP or HDP Plus for eligible households, subject to applicable program requirements and available funding. It may not be combined with both HDP and HDP Plus.

Program availability, income limits, eligibility requirements, grant amounts and funding are subject to change without notice. Funding is limited and program rounds may close before their scheduled end date if available funds are exhausted. Homebuyer counseling and a minimum homebuyer contribution may be required.

Mortgage loans are subject to credit approval, underwriting requirements and property eligibility. This information is not a commitment to lend or a guarantee of grant eligibility. Other restrictions may apply. Contact Nassau Financial Federal Credit Union for complete details. Equal Housing Lender.

For additional information about the Homebuyer Dream Program Suite, visit the Federal Home Loan Bank of New York .