Greylock Federal Offers Assistance to Homebuyers Through FHLBank Boston
PITTSFIELD, Mass. — Greylock Federal Credit Union has been approved to participate in Federal Home Loan Bank of Boston's homeownership assistance programs, Equity Builder Program and Housing Our Workforce.
Both programs help income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.
Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80 percent of the area median income are eligible to receive up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments and closing costs. Borrowers can receive up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
"These grant programs are designed to ease some challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities," said Tara McCluskey, Greylock's Vice President, Mortgage Originations Manager.
Greylock is eligible to reserve up to $250,000 through the EBP and up to $250,0000 through HOW depending on availability of funds in 2025.
To learn more about applying for assistance through these programs, contact the Greylock mortgage department at 413-236-412
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