Homebuyer Dream Program® Plus
Adirondack Bank wants to help make buying a home an obtainable goal for everyone. With the Homebuyer Dream Program® Products, qualified first-time homebuyers* who meet the program criteria can receive grants to use towards down payment and closing costs.
Funds are available to eligible borrowers on a first come, first serve basis.
Program Parameters
- First-Time Homebuyer Requirements: First-Time homebuyer
- Income Limits: Above 80% but not to exceed 120% AMI
- Purchase Property Occupancy: Must be owner–occupied primary residence
- Grant Usage: Down payment, closing cost assistance, and first-time homebuyer counseling
- Maximum Grant: Up to $10,000 per household
- Optional Program Layering: HDP Wealth Builder
- Minimum Contribution from the Homebuyer: $1,000 total (regardless of program layering)
- Homebuyer Counseling: Recipients are required to complete a homebuyer counseling program
*A first-time homebuyer is based on the definition by the U.S. Department of Housing and Urban Development (HUD) and includes, but is not limited to 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 criteria has met above test, they are considered first-time homebuyers); and a single parent who has only owned a principal residence with a former spouse while married. Conditions and restrictions may apply. †A majority-minority census tract refers to a geographic area defined by the U.S. Census Bureau in which a majority of the population belongs to one or more minority groups. Minority groups in this context typically include racial and ethnic populations, other than non-Hispanic White individuals. ‡A first-generation homebuyer is defined as someone who has aged out of foster care OR their parents do not currently own or have ever owned property in the United States. Information and offer are subject to change without notice. Contact an Adirondack Bank Mortgage Loan Originator for full program details.
