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FHLBank Boston Housing Our Workforce (HOW) - Maine

Federal Home Loan Bank of Boston, via approved member institutions · Statewide, Maine

Last verified
See what you qualify forOfficial program site →
Assistance

$25,000

The maximum the program publishes — not an offer

Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is 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.

How much assistance does it provide?

FHLBank Boston Housing Our Workforce (HOW) - Maine offers up to $25,000 in assistance.

  • The program asks buyers 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.

Do you have to pay it back?

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.

Who qualifies?

FHLBank Boston Housing Our Workforce (HOW) - Maine is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • A completed homebuyer education course, through FHLBank Boston-approved homebuyer counseling organizations
  • Residency: Property must be in Maine (New England).
  • DRAFT (dpa-gap-finder 2026-06-15): pending review. 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.

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through FHLBank Boston-approved homebuyer counseling organizations.

  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. 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.

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