The Federal Home Loan Bank of Boston (FHLBB) is another MassHousing partner that has made a big difference for many homebuyers in Massachusetts.
Numerous MassHousing borrowers have found assistance through the FHLB, although they may not have known it. The FHLBB’s Equity Builder program provides member institutions with grants that can be used to provide up to $15,000 per eligible borrower for down payment and closing cost assistance to homebuyers with incomes at or below 80% of the area median ($75,200 in Middlesex County, $62,800 in Worcester County, for example).
"Coming up with money for a down payment and closing costs is a major challenge for homebuyers, especially in Massachusetts where home prices are high," said Mounzer Aylouche, MassHousing’s Manager of Business Development. "Many of our borrowers have used the down payment assistance from FHLB along with a MassHousing first mortgage loan to achieve their dream of owning a home."
There are 64 MassHousing-approved lenders in Massachusetts that participate in the FHLB's Equity Builder program. If you are a prospective homebuyer you may want to inquire with these lenders about combining down payment or closing cost assistance with a MassHousing loan:
| Adams Community Bank | I-C Federal Credit Union |
| Align Credit Union | Jeanne D'Arc Credit Union |
| AllCom Credit Union | Leader Bank, N.A. |
| Athol Credit Union | Lee Bank |
| Avidia Bank | Leominster Credit Union |
| BankFive | Mass Bay Credit Union |
| BayCoast Bank | Mechanics Cooperative Bank |
| Berkshire Bank | Metro Credit Union |
| Blue Hills Bank | Milford National Bank & Trust Co. |
| Boston Private Bank & Trust Company | Millbury Federal Credit Union |
| Bridgewater Savings Bank | MountainOne Bank |
| Bristol County Savings Bank | Mutual Bank |
| Cambridge Trust Company | MutualOne Bank |
| Cape Cod Five Cents Savings Bank | Naveo Credit Union |
| Century Bank & Trust Company | New Bedford Credit Union |
| Charles River Bank | North Brookfield Savings Bank |
| Clinton Savings Bank | North Easton Savings Bank |
| Dean Co-Operative Bank | North Shore Bank, A Co-Operative Bank |
| Dedham Institution for Savings | Norwood Co-Operative Bank |
| East Boston Savings Bank | Pentucket Bank |
| East Cambridge Savings Bank | PeoplesBank |
| Eastern Bank | Randolph Savings Bank |
| Enterprise Bank and Trust Company | Rockland Trust Company |
| Fall River Municipal Credit Union | Sage Bank |
| First Citizen's Federal Credit Union | Savers Co-Operative Bank |
| First Priority Credit Union | Southbridge Savings Bank |
| Florence Bank | Southcoast Federal Credit Union |
| Freedom Credit Union | St. Mary's Credit Union |
| GFA Federal Credit Union | StonehamBank, A Co-Operative Bank |
| Greenfield Savings Bank | The Bank of Canton |
| HarborOne Bank | Webster Five Cents Savings Bank |
| Homefield Credit Union | Winter Hill Bank, FSB |
The FHLBB is one of 11 regional Federal Home Loan Banks established by the Federal Home Loan Bank Act in 1932. Their primary mission is to provide member financial institutions with financial products and services that assist and enhance the financing of housing and community lending.
"MassHousing is striving to provide the full suite of affordable lending products to our partner lenders," said Lisa Fiandaca, Director of HomeOwnership Production. "That includes reaching out to the REALTORS® with targeted events, sharing how our programs can help more borrowers lower their housing costs utilizing both the MassHousing and FHLB Equity Builder programs."
"What our partner lenders, homebuyer counselors and customers should know,” said Steve Payson, Director of HomeOwnership Lending Operations, "is that we are doing the work behind the scenes to make the most affordable and responsible loans available to the homebuyer.
"To the customer, they can rest assured they are getting a good loan they can afford from a responsible lender, MassHousing,” Payson added. “The FHLB has been a terrific partner in collaborating with us and shares our mission of sustainable homeownership."