HAVERHILL, Mass. (March 23, 2021)— Haverhill bank has been selected to participate in Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down payment and closing costsas well as homebuyer counseling and rehabilitation assistance.
The $3.2 million program provides grants to financial institutions to assist households earning up to 80% of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first-come, first-served basis. Buyers must also complete a homebuyer counseling program. One Haverhill first-time homebuyer said she was able to purchase her home at 24 years old thanks to Haverhill Bank and the Equity Builder Program.
“Haverhill Bank was able to provide me with a $10,000 grant, which I used to assist with my down payment and closing costs. All I had to do was complete an approved First Time Home Buyer course, which was incredibly helpful in guiding me through the mortgage process. The best part is that you don’t even need to be a first-time buyer to qualify; as long as you haven’t owned a home in the last three years, you can apply for the program! I’ve been in my home for nine years and still can’t wrap my head around the fact that I got $10,000 just for participating in this program,” the buyer said.[i]
Haverhill Bank is eligible to receive up to $150,000 in 2021 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $42.5 million in funds assisting 3,791 income-eligible households to purchase a home. To learn more about applying for assistance, 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 Federal Home Loan Bank of 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.
[i] Testimonial on file.