BankFive has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program.
Launched this year, HOW provides assistance to FHLBank Boston financial institution members to help local homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments on owner-occupied primary residences.
The $2 million program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis.
“It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are significantly rising. Many homeownership programs are designed to assist lower-income individuals and families, but with HOW a number of borrowers, who are important to economic well-being of our communities, will able to purchase homes,” said Patrick Deady, SVP, Director of Residential & Consumer Lending.
To learn more about applying for assistance, please contact Patrick J. Deady, SVP, Director of Residential & Consumer Lending at 800-679-4420.