Down Payment Assistance
New homebuyers sometimes need help with down payment and closing costs. We’ve got you covered. Every year, Bluestone Bank offers grants to close the gap for approved new homebuyers. See which program might work for you. All loans subject to approval.
Available through the Federal Home Loan Bank (FHLB), the Equity Builder Program (EBP) serves income-eligible home buyers with grants of up to $29,000 for down payment and closing costs. Bluestone Bank supplements EBP grants with a $400 closing cost discount for eligible recipients. Grant funds are limited and awarded on a first-come, first-served basis. EBP grants are forgivable after five years, subject to conditions. Offered in Massachusetts, Rhode Island, and New Hampshire.
Housing Our Workforce (HOW)
Also available through the FHLB, the HOW grant program provides up to $25,000 in assistance to home buyers whose incomes exceed the EBP grant level. Grant funds are limited and awarded on a first-come, first-served basis. HOW grants are forgivable after five years, subject to conditions. Offered in Massachusetts, Rhode Island, and New Hampshire.
MassHousing Down Payment Assistance (DPA)
MassHousing’s Down Payment Assistance (DPA) programs provide funds of as much as $50,000 through a 2nd mortgage in connection with a MassHousing 1st mortgage and allow qualified first-time home buyers to finance up to 100% of the purchase price of the home. Eligibility for DPA is subject to income and acquisition cost limits, and repayment terms vary, with the balance due and payable on the sale of the home or payoff or refinance of the 1st mortgage. Offered in Massachusetts.
RI Statewide DPA Grant
Through our partnership with Rhode Island Housing, a $17,500 grant for down payment and closing cost assistance is available to eligible first-time homebuyers, subject to household income limits, in connection with a Rhode Island Housing 1st mortgage. The grant does not have a repayment and is not a lien. Offered in Rhode Island.