Down Payment Assistance

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. 

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’s Down Payment Assistance (DPA) programs provide funds of as much as $50,000 through a 2^nd mortgage in connection with a MassHousing 1^st 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 1^st mortgage. Offered in Massachusetts.

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 1^st mortgage. The grant does not have a repayment and is not a lien. Offered in Rhode Island.