Yes. A fully executed purchase and sales agreement signed by the homebuyer and seller with a property address is required. This is important because the area median income (AMI) is based on a specific state, city, or town. The grant funds are reserved and approved on a first-come, first-served basis, after submission of required documentation.

Acceptable mortgage products include conventional fixed-rate, conventional adjustable-rate, Federal Housing Administration (FHA), jumbo mortgages, U.S Department of Agriculture (USDA), and Veteran Administration (VA) loans.

No. FHLBank Boston is a wholesale bank for member financial institutions which include banks and credit unions throughout New England. Mortgage companies are ineligible for membership or participation in our programs.

Each year, FHLBank Boston determines the maximum grant amount for each homeownership assistance program, so the amount can vary yearly. Please visit the Bank’s website for each program’s maximum grant amount.

Homebuyers will submit income documentation to their member financial institution, which will determine income eligibility based on income guidelines provided by FHLBank Boston. Please note each of the three homeownership assistance programs has different income limits. We strongly recommend working through income eligibility with an approved bank or credit union.

No. Homebuyers must work with an FHLBank Boston member financial institution that has been approved to participate in the programs. Approved member financial institutions are located on FHLBank Boston’s website. FHLBank Boston does not qualify homebuyers directly and will contact the financial institution regarding inquiries for grants in process.

No, the minimum contribution must be the homebuyer’s own funds and not a gift or gift of equity. In addition, the contribution must be evidenced either on an executed purchase and sales agreement, addendum, or cash to close upon purchase transaction. The homebuyer may receive an additional gift or gift of equity in the transaction after meeting the minimum contribution requirement. However, these sources of funds will not be considered the homebuyer’s own contribution. Each homeownership assistance program has its own minimum down payment contribution requirement.

Yes, you must be a first-time buyer to receive an EBP or LUH grant. To receive a HOW grant, you do not need to be a first-time homebuyer. However, if you are an existing owner of a primary residence, the home must be sold prior to purchasing the new primary residence. The previous primary residence cannot be retained or converted into an investment property.

Yes, all first-time homebuyers must complete acceptable homebuyer education and counseling through FHLBank Boston’s list of approved agencies. A homebuyer may complete the education online either with eHome America, Framework, or Finally Home. It is preferred for a homebuyer to work directly with an approved agency via HUD (Department of Housing and Urban Development), CHAPA (Citizens Housing and Planning Association) or NISHEC (National Industry Standards for Homeownership Education and Counseling) to ensure the homebuyer counseling is completed. Only one adult homebuyer must complete education and counseling.

A buyer cannot receive grants from more than one of the three homeownership assistance programs offered by FHLBank Boston (EBP, HOW, and LUH). However, a homebuyer can combine an FHLBank Boston homeownership assistance program grant with grants from other local, state, and federal downpayment assistance programs.

If the home is sold prior to five years from the closing date, a repayment of grant funds may be required. FHLBank Boston and the member will work together to determine if repayment of grant funds is required.

Yes, refinancing including rate/term, cash-out, and home equity lines of credit are permitted. You must contact the institution that provide the original first mortgage to coordinate subordinating the grant.