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
• Interest rate buydown, up to 2% points maximum associated with the grant’s use of funds
• Rehabilitation costs associated with home purchase
• Homebuyer counseling, up to a maximum of $500 per household

Homebuyer counseling for first-time homebuyers must be through an FHLBank Boston approved homebuyer counseling organization. Please see the additional guidelines below. 

Grants Cannot Be Used For:

• Reimbursing a homebuyer for earnest money deposits
• Returning cash back to a homebuyer in excess of $250
• Using in conjunction with any other set aside or voluntary homeownership assistance program such as Affordable Housing Program, Housing Our Workforce or Lift Up Homeownership

Additional Guidelines

Refer to these income calculation guidelines, which FHLBank Boston uses to verify household income and determine whether households are eligible to participate in our homeownership assistance programs.

EBP assists first-time homebuyers only.**

Homeownership education and counseling is required for first-time homebuyers only. Please refer to this list of approved homebuyer counseling organizations for each New England state.

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).