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Home Buyer Grants

Two Unique Programs for Eligible Borrowers

BankFive, in association with Federal Home Loan Bank of Boston, is offering two grant programs for home buyers to help with down-payment and closing costs.

Housing Our Workforce Program 

The Housing Our Workforce (HOW)1 program assists eligible homebuyers up to $20,000 in matching grants for down-payment costs. This program is for a limited time. Funds will be awarded on a first-come, first-serve basis and are not guaranteed.
  • Provides two-to-one match of down payments made at time of purchase by homebuyers earning more than 80 percent up to 120 percent of HUD area median income based on property location.
  • Supports borrowers who are essential to the long-term economic vitality of our communities, purchase homes in communities where they work.
  • Recipients must attend homebuyer education/counseling program.

Equity Builder Program

The Equity Builder Program2 provides first-time homebuyers up to $22,000 of grant money to eligible borrowers. These funds can be used for down-payment or closing costs. This program is for a limited time. Funds will be awarded on a first-come, first-serve basis and are not guaranteed.
  • Available to households with incomes at or below 80 percent of HUD AREA Median Income based on property location
  • Recipients must attend homebuyer education/counseling program
  • Program is for first-time homebuyers
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 that must be evidenced on the executed purchase and sales agreement. 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 be calculated in the one-to-one match of the grant. May not be combined with any other type of down payment programs. NMLS#525575

2Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program. Purchase must be for owner-occupied primary residence. Interest would not accrue on the grant and the proceeds would 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. NMLS#525575