Homebuyer Dream Program
Homebuyer Dream Program (HDP)
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. Funds are limited and the program is available on a first come first served basis. 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 up to 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- Open a Checking account with Magyar Bank and have the mortgage payment automatically withdrawn each month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
- Applications must be submitted by August 15, 2026.
To learn more or see if you qualify for this program, email affordablehousing@magbank.com.
First Homebuyer Mortgage
Designed exclusively for homebuyers purchasing their first home or have not owned or purchased a home in the past 5 years, Magyar’s First Time Homebuyer Mortgage provides the following benefits to qualified applicants.
- 1/8% discount off Magyar’s 30-year Mortgage Rate
- Your Application Fee will be refunded (appraisal, attorney and other closing fees still apply)
- Available for homes purchased anywhere in New Jersey
- Minimum 10% down required. PMI is required for loans with less than 20% down.
- Jumbo loans not eligible
- Automatic loan payment from Magyar Bank checking account is required
APPLY NOW: Mortgages
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.