Three unique programs for eligible borrowers.
BankFive, in association with Federal Home Loan Bank of Boston, is offering three 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.
Lift Up Homeownership Program1
- Provides eligible homebuyers with up to $50,000 in down payment and closing cost assistance.
- Available to minority first-time homebuyers, including Black, African American, American Indian, Alaska Native, Native Hawaiian, Pacific Islander, Asian, Hispanic, and Latino borrowers.
- Eligible homebuyers must be earning no more than 120% of the area median income.
- Recipient must complete a homebuyer or homeowner counseling course.
Housing Our Workforce Program2
- Assists eligible homebuyers with up to $25,0002 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 $2,000 of the purchase price.
- Recipient must attend a homebuyer/counseling program.
Equity Builder Program3
- Provides eligible first-time homebuyers with up to $30,806 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 Lift Up Homeownership Program, 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 Lift Up Homeownership (LUH) program. Purchase must be for owner-occupied primary residence. Available to income-eligible homebuyers who self-certify as Black, American Indian/Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander; have income at or below 120% of AMI (as defined by HUD), based on the location of the subject property; are first-time homebuyers; and complete a homebuyer or homeowner counseling course from an organization approved by FHLBank Boston. Eligible homebuyer must contribute a down payment of at least $1,000 at time of purchase. 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 count toward the $1,000 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. The homebuyer may layer the LUH grant with other non-FHLBank Boston down-payment assistance programs, but the LUH grant cannot be combined with any of FHLBank Boston’s other affordable housing and down-payment and closing-cost assistance programs including the Affordable Housing Program (AHP), EBP, or HOW. In addition, a homebuyer cannot receive more than $250 cash back at closing.
2Grant 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 homebuyer must contribute a down payment of at least $2,000 at time of purchase. 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 count toward the $2,000 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.
3Grant 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.
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