Haverhill Bank has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program.
Launched this year, HOW provides assistance to FHLBank Boston financial institution members to help local homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments on owner-occupied primary residences.
The $2 million program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis.
“Many homeownership programs are designed to assist lower-income individuals and families. It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are escalating. With this program, a greater number of borrowers who are important to the economic well-being of our communities will be able to achieve homeownership,” said Thomas L. Mortimer, Haverhill Bank’s President & CEO.
Haverhill Bank is eligible to receive up to $100,000 in 2019 through Housing Our Workforce depending on availability of funds.
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.