FHLBank Boston Equity Builder Program (EBP) - Maine

What is FHLBank Boston Equity Builder Program (EBP) - Maine?

FHLBank Boston Equity Builder Program (EBP) - Maine is a grant for homebuyers in Statewide, Maine, administered by Federal Home Loan Bank of Boston, via approved member institutions.

• The Equity Builder Program (EBP) offers forgivable grants to first-time homebuyers earning up to 80% of AMI for down payment, closing costs, rehabilitation, interest-rate buydown (up to 2 points), and homebuyer counseling. Grants are made when buyers close a first mortgage with a participating FHLBank Boston member. Available statewide in Maine; forgivable after a 5-year retention period.
• Forgivable DP/closing-cost grant.
• Can fund rehab and rate buydown.
• First-time buyers up to 80% AMI.
• Funding comes from FHLBank Boston Affordable Housing Program (AHP) set-aside.

Do you have to pay it back?

FHLBank Boston Equity Builder Program (EBP) - Maine is structured as a grant, so it is not repaid.

• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank Boston Equity Builder Program (EBP) - Maine is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

FHLBank Boston Equity Builder Program (EBP) - Maine limits household income to 80% of the area median income, which varies by county and household size.

• Households earning no more than 80% of AMI for the state/city/town where the property is located. Includes all income for all household members occupying the property.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FHLBank Boston Equity Builder Program (EBP) - Maine can be used for Single Family, Condo, 2-4 Unit, Townhouse, and Manufactured.

Where does it apply?

FHLBank Boston Equity Builder Program (EBP) - Maine serves buyers purchasing in Statewide, Maine.

How do you apply?

Applications for FHLBank Boston Equity Builder Program (EBP) - Maine go through Federal Home Loan Bank of Boston, via approved member institutions, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through FHLBank Boston-approved homebuyer counseling organizations (required for first-time buyers).

2. 2

   Contact Federal Home Loan Bank of Boston, via approved member institutions to reserve funds

   Funds are reserved through Members enroll/reserve through FHLBank Boston Community Lending portal; first-come, first-served; signed P&S required., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.