Buying Your First Home but Short on Down Payment Funds? This Grant Could Help.

One of the biggest hurdles for first-time homebuyers isn't the monthly payment—it's coming up with the upfront cash. The good news is, there's a grant program designed specifically to help with that.

It's called the Homebuyer Dream Program (HDP), and it's helped many local buyers bridge the gap to homeownership. I've personally worked with several clients who used this grant to assist with their down payment, offset closing costs, and even cover required homebuyer education. For many, it made buying a home possible sooner than they expected.

There are three versions of the program—HDP, HDP Plus, and HDP Wealth Builder. Which one you qualify for depends on your household size and income. For buyers in Schenectady, Albany, Saratoga, and Rensselaer Counties, the current income limits are:

80% Area Median Income
• $92,880 for households of 1–2 people
• $106,812 for households of 3 or more

120% Area Median Income
• $139,320 for households of 1–2 people
• $160,218 for households of 3 or more

The funds are provided through the Federal Home Loan Bank and are available on a first-come, first-served basis each year. That timing matters—once the program runs out of funds, buyers have to wait until the next cycle. To secure a spot, you'll need to be under contract on a home and have your loan file fully submitted.

Several local lenders, including Sunmark and Broadview, participate in the program. While the grant itself is the same, each lender may have slightly different processes, so it's important to work with a loan officer who understands the details and can guide you through the options.

If you've been feeling ready to buy but held back by the upfront costs, this program could be the missing piece. I'm happy to help you explore whether you qualify and create a plan that gets you there.