Two unique programs for eligible borrowers.
BankFive, in association with Federal Home Loan Bank of Boston, is offering two grant programs for homebuyers to help with down payment and closing costs.
This program is for a limited time. Funds will be awarded on a first-come, first-serve basis and are not guaranteed.
Housing Our Workforce Program1
- Assists eligible homebuyers with up to $25,0001 in grants for down payment costs and closing cost assistance.
- Available to homebuyers earning above 80% and up to 120% of the area median income.
- Supports borrowers who are essential to the long-term economic vitality of our community by helping them purchase homes where they work.
- Homebuyer must make a minimum down payment of at least 3% of the purchase price.
- Recipient must attend a homebuyer/counseling program.
Equity Builder Program2
- Provides eligible first-time homebuyers with up to $29,000 of grant money.
- Available to households with incomes at or below 80 percent of HUD Area Median Income based on property location.
- Homebuyer must make a minimum down payment of at least $500.
- Recipient must attend a homebuyer education/counseling program, and be a first-time homebuyer.
Contact us today to learn more about the Housing Our Workforce Program and the Equity Builder Program and get started with an application.
1Grant is provided by the Federal Home Loan Bank of Boston through their Housing Our Workforce (HOW) program. Purchase must be for owner-occupied primary residence. Eligible homebuyers will receive a one-to-one match of down payments they make at time of purchase, up to 10% of the home’s purchase price or up to $25,000 (the lesser of the two). The down payment made by the eligible homebuyer must be evidenced on the executed purchase and sales agreement, and must be the homebuyer’s own funds and not a gift or gift of equity. The homebuyer may receive an additional gift or gift of equity in the transaction, however these sources of funds will not be calculated in the one-to-one match of the grant. Interest will not accrue on the grant and the proceeds will only be due if the property is sold within the first five years of home ownership. May not be combined with any other type of down payment programs.
2Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program. Purchase must be for owner-occupied primary residence. Eligible homebuyer must contribute a down payment of at least $500 at time of purchase. This contribution must be the homebuyer’s own funds and not a gift or gift of equity. The homebuyer may receive an additional gift or gift of equity in the transaction, however these sources of funds will not count toward the $500 minimum down payment requirement. Interest will not accrue on the grant and the proceeds will only be due if the property is sold within the first five years of home ownership. May not be combined with any other type of down payment programs.
BankFive NMLS #525575 • Member FDIC • Member DIF • Equal Housing Lender
