Charles River Bank has been approved to participate in the Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce. Both programs provide assistance to income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.
The Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $30,806 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first time homebuyer.
Charles River Bank is eligible to receive up to $350,000 through the EBP and up to $260,000 through HOW depending on availability of funds in 2024.
“Charles River Bank is proud to offer these grants to help our borrowers become homeowners. We are committed to helping individuals as well as families achieve affordable home ownership, especially during a very challenging time in the housing market,” said Cheryl Beauvais, Senior Vice President & Senior Retail Lending Officer of Charles River Bank.
To learn more about applying for assistance through these programs please contact AVP & Mortgage Loan Officer Mickee Whitney at (508) 321-3142 or email info@charlesriverbank.com.
