Equity Builder Program Eligibility + Terms of Funding

If you are interested in assisting income-eligible homebuyers with Equity Builder Program (EBP) grants, you should review the following guidelines before applying: 

Grants Can Be Used For:

  • Down payments
  • Closing costs
  • Interest rate buydown, up to 2% points maximum associated with the grant's use of funds
  • Rehabilitation costs associated with home purchase
  • Homebuyer counseling, up to a maximum of $500 per household

Homebuyer counseling for first-time homebuyers must be through an FHLBank Boston approved homebuyer counseling organization. Please see the additional guidelines below. 

Grants Cannot Be Used For:

  • Reimbursing a homebuyer for earnest money deposits
  • Returning cash back to a homebuyer in excess of $250
  • Using in conjunction with any other set aside or voluntary homeownership assistance program such as Affordable Housing Program, Housing Our Workforce or Lift Up Homeownership. 

Additional Guidelines

Refer to these income calculation guidelines, which FHLBank Boston uses to verify household income and determine whether households are eligible to participate in our homeownership assistance programs. 

EBP assists first-time homebuyers only.** 

Homeownership education and counseling is required for first-time homebuyers only. Please refer to this list of approved homebuyer counseling organizations ​for each New England state.

FOR OUR MEMBERS:

Manage Your Application

Find the form or application you need here:
Search

Educational Material

Find the training materials to help you secure an EBP grant. 

Member Eligibility

If you have more questions about eligiblity, contact the program manager. 

Member Participants

See which members were approved to participate in EBP.

Procedures + Requirements

Learn the details to help you successfully apply.

infographic with black road map with steps one through six on how to use FHLBank Boston homeownership programs

Quick Roadmap 

See how our homeownership assistance programs work.

Learn More

woman holding a rake standing in front of her home

Bolstering Homeownership 

Our digital magazine highlighted how a borrower used a program grant to buy a home. 

Read More

* FHLBank Boston reserves the right in its sole discretion to determine, at the time the application is submitted, whether a member is eligible to participate in our homeownership assistance programs based on, but not limited to, the borrowing and/or credit status of the member. 

** Based on the 42 U.S.C. §12704(14).