HAVERHILL, Mass. (March 30, 2022)— Haverhill Bank begins accepting applications April 1 for home down payment help and other benefits through either Federal Home Loan Bank of Boston’s Equity Builder Program or Housing Our Workforce (HOW) programs.
The Equity Builder Program offers grants to help buyers earning up to 80% of the area median income with down payment and closing cost assistance along with homebuyer education and counseling. Borrowers may receive up to $22,000. Housing Our Workforce provides those earning between 80% and 120% of the area median income with matching grants for down payments of up to $20,000. Both programs are offered on a first-come, first-served basis.
“Haverhill Bank was able to provide me with a $10,000 grant, which I used to assist with my down payment and closing costs,” said a previous homebuyer. “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 added.
Haverhill Bank is eligible to receive up to $220,000 through the Equity Builder Program and up to $150,000 through the Housing Our Workforce program.
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., 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.