FHLBank Boston Housing Our Workforce (HOW) - Maine

FHLBank Boston Housing Our Workforce (HOW) - Maine is a grant for homebuyers in Statewide, Maine, administered by Federal Home Loan Bank of Boston, via approved member institutions. Housing Our Workforce (HOW) offers forgivable grants of up to $25,000 (2026) for down payment and closing-cost assistance to homebuyers earning more than 80% and up to 120% of AMI buying an owner-occupied primary residence. 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. Up to $25,000 forgivable grant for moderate-income (80-120% AMI) buyers. Can fund rate buydown. Funding comes from FHLBank Boston voluntary set-aside funds.

FHLBank Boston Housing Our Workforce (HOW) - Maine offers up to $25,000 in assistance. The program asks homebuyers to contribute $2,000 of the homebuyer's own funds (not a gift), evidenced on the executed P&S or addendum. Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Boston, via approved member institutions determines any individual award.

FHLBank Boston Housing Our Workforce (HOW) - 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.

FHLBank Boston Housing Our Workforce (HOW) - Maine is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through FHLBank Boston-approved homebuyer counseling organizations. Residency requirement: Property must be in Maine (New England). 5-YEAR RETENTION PERIOD: forgivable after 5 years; pro rata repayment if sold/transferred/refinanced before 5 years, due only if over $2,500. 2026 max grant $25,000 (set annually). $2,000 minimum buyer's-own-funds. Asset cap $150,000. Cannot combine with FHLBank AHP/EBP/Lift Up. Owner-occupied primary residences only; existing primary residence must be sold before purchase.

FHLBank Boston Housing Our Workforce (HOW) - Maine limits household income to 120% of the area median income, which varies by county and household size. Homebuyers earning above 80% and up to 120% AMI for the state/city/town. Maximum asset cap of $150,000 (incl. deposit and cash to close). 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.

FHLBank Boston Housing Our Workforce (HOW) - Maine can be used for Single Family, Condo, 2-4 Unit, Townhouse, and Manufactured.

FHLBank Boston Housing Our Workforce (HOW) - Maine serves homebuyers purchasing in Statewide, Maine.

Applications for FHLBank Boston Housing Our Workforce (HOW) - 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. Funds are reserved through Members enroll/reserve through FHLBank Boston Community Lending portal; first-come, first-served; signed P&S required. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.