Haverhill Bank has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home. Homeownership helps build wealth and create financial stability. Programs that assist homebuyers can be effective in adding to the vibrancy of our communities,” said Thomas Mortimer, President & CEO of Haverhill Bank.
Haverhill Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.8 million in EBP funds assisting 3,512 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact a Mortgage Originator at (978)374-0161.
About Haverhill Bank
A depositor-owned institution, Haverhill Bank was founded in 1877 and is the oldest cooperative bank in Massachusetts. The bank’s Main Office is at 180 Merrimack St. in Haverhill. Haverhill Bank also maintains offices at 163 South Main St., 1094 Main St., Haverhill High School, Whittier Regional Vocational Technical High School, 6 West Main St., Merrimac, 281 Main St., West Newbury, and 396 Main St., Salem, N.H.
About FHLBank Boston
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.