Equity Builder Program Eligibility + Terms of Funding
If you are interested in assisting income-eligible homebuyers with Equity Builder Program (EBP) grants, you should review the following guidelines before applying:
Grants Can Be Used For:
- Down payments
- Closing costs
- Rehabilitation costs associated with home purchase
- Homebuyer counseling, up to a maximum of $500 per household
- Homebuyer counseling must be through an FHLBank Boston approved homebuyer counseling organization
Grants Cannot Be Used For:
- Principal, interest, taxes, and insurance reserves payments
- Reimbursing a homebuyer for earnest money deposits
- Returning cash back to a homebuyer in excess of $250
- Using in conjunction with an Affordable Housing Program subsidy awarded to the same borrower for the same transaction
Income Calculation Guidelines
See what guidelines FHLBank Boston uses to verify household income and determine whether households are eligible to participating in our homeownership assistance programs, including EBP.
EBP requires the first one-third of enrollments be used to assist first-time homebuyers.** Our online application system allows you to enroll non-first-time income-eligible homebuyers once the one-third threshold is met.
* FHLBank Boston reserves the right in its sole discretion to determine, at the time the application is submitted, whether a member is eligible to participate in our homeownership assistance programs based on, but not limited to, the borrowing and/or credit status of the member.
** Based on the 42 U.S.C. §12704(14).