Equity Builder and Housing Our Workforce Grant Programs

Bay State Savings Bank is proud to offer the Equity Builder Program (EBP) and Housing Our Workforce (HOW) funded by the Federal Home Loan Bank of Boston.

Equity Builder Program (EBP)

The EBP program is available to first-time homebuyers and offers up to $29,000 of grant money to eligible borrowers. These grant funds can be used for closing costs, down payment assistance, or for prepaid mortgage insurance.

This program is available for a limited time only. Funds will be awarded on a first-come, first-served basis and are not guaranteed by Bay State Savings Bank.

Program qualifications:

  • Limited to first-time homebuyers of 1-4 family owner-occupied dwellings,
  • Eligibility is based upon income levels for borrowers earning 80% or less of the HUD area median income,
  • Subject to underwriting approval,
  • Income verification required,
  • First-time homebuyer counseling from an approved credit counseling agency required,
  • Other conditions apply.

Housing Our Workforce (HOW)

The Housing Our Workforce grant program provides down payment assistance of 10% of the purchase price (up to a maximum of $25,000) to eligible homebuyers. Homebuyers must make a minimum contribution of 3% of the purchase price from their own funds.

Ready to start the process?

Our team of mortgage professionals are here for you every step of the way. For a rate quote or to learn more about MHFA loans and if they are right for you, contact us today!

Call: (508) 890-9060 | Email: lending@baystatesavings.com

First-Time Homebuyers: Contact Our Mortgage Professionals!