Get Up to $29,000 in Downpayment and Closing Cost Assistance in 2023
Get into your dream home!
Get Up to $29,000 in Downpayment and Closing Cost Assistance in 2023
Get into your dream home!
The Equity Builder Program
Since the establishment of the Equity Builder Program* (EBP) in 2016, Maine Savings members have received more than $260,000 in assistance for downpayment and closing costs. The Equity Builder Program provides Homebuyers up to $29,000 of grant money to eligible members. These funds can be used for closing costs only. This program is for a limited time. Funds will be awarded on a first come, first serve basis and are not guaranteed.
To be eligible, you must meet income level requirements**
- Recipients must attend homebuyer education/counseling program.
- Limited time program—grant funds are first-come, first-served.
- You can use this program with the CU Promise 90 loan!
- Maine Savings will reimburse appraisal costs for loans closed with this EBP.
Housing Our Workforce
Housing Our Workforce (HOW) provides down-payment and closing cost assistance to homebuyers earning more than 80% and up to 120% of the area median income. Through HOW, grants are made to eligible borrowers when they close on mortgages with participating member financial institutions.
For 2023, the maximum grant is 10% of the sales price or up to $25,000 (lesser of the two). Each year, FHLBank Boston determines the maximum amount; therefore, the amount can vary on a yearly basis.
Borrower must have 3% of their own cash into the transaction. This grant will be fully forgiven after five years.
* Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program (EBP).
**Buyers eligible to receive assistance through the Equity Builder Program are individuals and households earning no more than 80 percent of the area median income, based on their future address. To be eligible to receive assistance through the Equity Builder Program, buyers must complete a homebuyer counseling program administered by an agency designated by the Equity Builder Program-approved member financial institution. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the proceeds would only be due if the property is sold within the first five years of home ownership. May not be combined with any other type of down payment programs.