Homebuyer Dream Program
Through our partnership with the Federal Home Loan Bank of New York (FHLBNY), the HDP offers grants up to $30,000 towards down payment and closing cost assistance to eligible first-time homebuyers purchasing a home. The program is on an annual first come first served basis and homebuyers must meet the following criteria:
- Qualify as a first time homebuyer
- Be under contract to purchase a home
- Purchase a home in New Jersey
- Earning between 80%-120% of the Area Median Income (AMI)
- 10% down payment
- Complete a HUD Certified homebuyers counseling program – visit Central Jersey Housing Resource Center to register for a workshop
- Own and occupy the home for 5 years
- Open a Checking account with Magyar Bank and have the mortgage payment automatically withdrawn each month
- Other eligibility requirements may apply
- Application Deadline – August 15, 2025
To learn more or see if you qualify for this program, email affordablehousing@magbank.com.
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.