Equity Builder

Available through the Federal Home Loan Bank (FHLB), the Equity Builder Program (EBP) serves income-eligible home buyers with grants of up to $15,000 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.

Housing Our Workforce (HOW)

Also available through the FHLB, the HOW grant program provides up to $20,000 in matched down payment fund 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.

MassHousing Down Payment Assistance (DPA)

Bluestone Bank is proud to be an approved lender with MassHousing, the most successful state housing program in the nation. If you’re buying a home or condo in Massachusetts, a MassHousing loan might be right for you. Many new homebuyers meet MassHousing’s income eligibility requirements, and can benefit from low down payment options, fixed rates, and low mortgage insurance premiums with job loss insurance.

Bluestone Bank is offering the MassHousing Down Payment Assistance Program (DPA), which allows qualified first-time home buyers to finance up to 100% of the price of the home. DPA is provided as a fixed-rate second mortgage for up to 3% of the purchase price or $12,000, whichever is less. DPA is available for first-time home buyers of a single family home or condo with annual incomes at or below the area median income, which varies by county, and in connection with a MassHousing first mortgage. If you’re eligible, this could be a great option for you!

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