Three local New Hampshire banks have once again been selected to participate in the 2019 Federal Home Loan Bank of Boston’s (FHLBB) Equity Builder Program (EBP); Bank of New Hampshire, Franklin Savings Bank and Woodsville Guaranty Savings Bank. This program offers members grants to provide down-payment, closing-cost, and rehabilitation assistance and homebuyer counseling to households with incomes at or below 80% of the area median income.
Affordable housing is a critical issue for New Hampshire residents since the gap in what the average income can afford versus the average home price is currently at its largest spread. Programs such as New Hampshire Housing Finance Authority and USDA Rural Development being offered by these three local Banks and combined with the FHLB’s Equity Builder Down Payment Assistance Program make home ownership possible for hundreds of first-time home buyers.
With a total budget of $3.6 million borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program. Since 2003, through the Affordable Housing Program, the EBP has awarded more than $38.5 million in funds assisting over 3,400 income-eligible households to purchase a home.
All three financial institutions are very excited to be able to offer this program aimed at assisting our local residents with purchasing their first home. Homeownership is key to building a strong community and helps to create financial stability – these programs are a critical component to ensuring the path to home ownership is attainable and affordable for all.
Local banks understand the challenges that come with purchasing your first home. No matter how much you plan and save, sometimes you just need a little extra help. To learn more about EBP or to see if you might qualify, contact one of the local lenders in our area that are offering the program.