​Quick Roadmap for Homeownership Assistance Programs

Transcript 

This infographic depicts the six-step process for the Equity Builder Program (EBP) and Housing Our Workforce (HOW) programs. If you are an FHLBank Boston member, the first step is to select the homebuyer, have them execute a Purchase and Sale Agreement on the home they would like to buy, and compile all of their documentation. If you are a homebuyer, the first step is to contact an FHLBank Boston member that participates in EBP or HOW and verify that you are eligible to apply based on your income. 

Step two is for the member to submit their enrollment to FHLBank Boston and then complete the online income calculate to determine the homebuyer’s income.

In step three, FHLBank Boston reviews the member’s enrollment request. A member should allow for 15 business days for the review. 

Step four is for the member to complete and close the home purchase. The member must also execute the mortgage note and mortgage and compile required documentation. 

In step five, the member requests disbursement of the EBP or HOW grant by completing and submitting the homebuyer disbursement request online. 

And finally, in step six, FHLBank Boston reviews the disbursement request from the member and the member should allow twenty business days for the member’s Ideal Way account to be funded. 

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