Equity Builder Program

At MountainOne Bank, we offer the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP), where qualified homeowners can receive grants1 for down payments, closing costs, homebuyer counseling, single premium mortgage insurance, and rehabilitation assistance!

EBP provides eligible First-time Homebuyers up to $15,000 in grant money. Funds are available for a limited time, will be awarded on a first-come, first-serve basis, and are not guaranteed.

The program requirements are:

  • Qualification based upon income levels2
  • For primary residencies only
  • Program is for first-time homebuyers

 

Housing Our Workforce Program

We also offer the Federal Home Loan Bank of Boston’s Housing Our Workforce (HOW) Program, where qualified homebuyers can receive assistance3 for down payments!

HOW provides assistance to eligible homebuyers with up to $20,000 in a two-to-one match of down payments made at the time of purchase. Funds are available for a limited time, will be awarded on a first-come, first-served basis, and are not guaranteed.

The program requirements are:

  • Qualification based upon income levels4
  • For owner-occupied primary residencies only
  • Home purchase price limits5

To be eligible to receive assistance through EBP or HOW, buyers must complete a home-buyer-counseling education program administered by a designated agency approved by MountainOne Bank. Eligible ownership units include primary residence single-family, one- to four-family homes, townhouses, duplexes, condominiums, cooperatives, and modular homes. Other types of housing may be considered.

If you are a homebuyer who would like to learn how either of these programs could get you into your new home, ask us how! Contact one of our Mortgage Experts now.

1 Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program. 2 Buyers eligible to receive assistance through the EBP are individuals and households earning no more than 80 percent of the area median income, based on their future address. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. May not be combined with any other type of down payment programs. 3 Assistance is provided by the Federal Home Loan Bank of Boston through their Housing Our Workforce Program. 4 Buyers eligible to receive assistance through the HOW are individuals and households earning more than 80 percent and up to 120 percent of the area median income address of their new home. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. Loans are subject to credit approval. 5 Home purchase price limits are based on the Average Area Purchase Prices for Mortgage Revenue Bonds from 26 CFR 6a. 103A-2: Qualified mortgage bond and are also revised annually. For 2019, the program will utilize Rev. Proc. 2018-28.

Loans are subject to credit approval.