Equity Builder Program - Available April 1

Funded by FHLBank Boston, the Equity Builder Program (EBP) is an income-eligible grant of up to $32,099 toward down payment or closing costs for first-time homebuyers.*

Highlights

  • Works with a variety of loan programs.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.
  • Income restrictions apply.

*Subject to property, use, and recipient eligibility.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied 1-to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
EBP grants provide down-payment or closing-cost assistance. They also supplement the payment of rehabilitation costs associated with acquisition and the payment of counseling costs not covered by another funding source. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay the grant back only if you sell the home during that five-year period.

Eligible Recipients
Individuals or households with incomes of no more than 80 percent of the median income for the area of the future address and have sufficient income to support a mortgage. Eligible recipients agree to execute the bank-provided EBP mortgage and note which secure the affordability provisions of the program.

This information is not intended to be an indication of your loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations may apply. Rates, terms and availability of program is subject to change without notice.

Housing Our Workforce - Available April 1

Funded by FHLBank Boston, the Housing Our Workforce (HOW) program is an income-eligible grant of up to $25,000 toward down payment or closing costs.*

Highlights

  • Works with a variety of loan programs.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.
  • Income restrictions apply.

*Subject to property, use, and recipient eligibility.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied 1- to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
HOW grants provide down-payment or closing-cost assistance. They also supplement the payment of rehabilitation costs associated with acquisition and the payment of counseling costs not covered by another funding source. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay the grant back only if you sell the home during that five-year period.

Eligible Recipients
Individuals or households with incomes greater than 80% and up to 120% of the median income for the area of the future address, sufficient income to support a mortgage, and a fully executed Purchase and Sale Agreement. Eligible recipients agree to execute the bank-provided HOW mortgage and note which secure the affordability provisions of the program.

This information is not intended to be an indication of your loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations may apply. Rates, terms and availability of program is subject to change without notice.

Lift Up Homeownership Program - Available April 1

Funded by FHLBank Boston, the Lift Up Homeownership Program (LUH) is an income-eligible grant of up to $40,000 toward down payment or closing costs* first-generation homebuyers** purchasing their first home.

Highlights

  • Works with a variety of loan programs.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.
  • Income restrictions apply.

*Subject to property, use, and recipient eligibility.
**Eligibility for the Lift Up Homeownership program will be exclusively for first-generation homebuyers, subject to self-certification.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied, 1- to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
LUH grants provide down-payment or closing-cost assistance. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay back the grant amount only if you sell the home during that five-year period.

Eligible Recipients
Individuals or households with incomes up to 120% of the median income for the area of the future address, have sufficient income to support a mortgage, and a fully executed Purchase and Sale Agreement. Eligible recipients agree to execute the bank-provided LUH mortgage and note, which secure the affordability provisions of the program.

This information is not intended to be an indication of your loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations may apply. Rates, terms and availability of program is subject to change without notice.