Haverhill Bank will begin accepting applications tomorrow for down payment assistance and other benefits through the Federal Home Loan Bank of Boston’s Equity Builder program or Housing Our Workforce programs.
The Equity Builder Program offers grants to help homebuyers earning up to 80% of area median income with down payment and closing cost assistance as well as homebuyer education and counseling. Borrowers can receive up to $22,000. Housing Our Workforce offers those earning between 80% and 120% of the area’s median income matching grants for installments of up to $20,000. Both programs are offered on a first-come, first-served basis.
“Haverhill Bank was able to provide me with a $10,000 grant, which I used to help pay my down payment and closing costs,” said a former homebuyer. “All I had to do was take an approved first home buying course, which was extremely helpful in guiding me through the mortgage process. you don’t even have to be a first-time buyer to qualify—as long as you haven’t owned a home in the last three years, you can apply for the program!I’ve been home for nine years and I still can’t get over the idea that I got $10,000 just for participating in this program,” the buyer added.
Haverhill Bank can receive up to $220,000 under the Equity Builder program and up to $150,000 under the Housing Our Workforce program.
To learn more about requesting assistance, contact a mortgage originator at (978) 374-0161.