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What is the Housing Our Workforce program? Housing Our Workforce (HOW) provides down-payment assistance to homebuyers.

How does the program work? HOW provides a two-to-one match of down payments made at time of purchase by eligible homebuyers.

For example, if a homebuyer makes a $2,000 down payment, FHLBank Boston will provide a $4,000 match. Members approved to participate in the program may make enrollment requests of up to $20,000 to assist income-eligible households on a first-come, first-served basis.

For FAQs please click here

Eligibility for this product is determined at the time of application with a CSB Loan Officer.

The Equity Builder Program offers applicant's grants to assist with down-payments and closing-costs.

Eligability for this product is determined at the time of application with a CSB Loan Officer.

USDA Rural Development Loans are for:

  • New or existing residential property to be used as a permanent residence. Closing cost and reasonable/customary expenses associated with the purchase may be included in the transaction.
  • A site with a new or existing dwelling.
  • Repairs and rehabilitation associated with the purchase of an existing dwelling.
  • Refinancing of eligible loans.
  • Special design features or permanently installed equipment to accommodate a household member who has a physical disability.
  • And more

In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA. What is an eligible area? Check eligible addresses for the loan guarantees.

 Eligibility for this product is determined at the time of application with a CSB Loan Officer.

  • This product is reserved for customers with a 680+ credit score and total debt-to-income ratios cannot exceed 40%.
  • Must be a primary residence.
  • This may be used with any of our portfolio products.
  • Purchase money mortgage only.
  • You may avoid Private Mortgage Insurance (PMI) with this product and pay the 2nd mortgage off at any time without penalty. 

Eligible properties are: Single family, Townhouse, Condo, Duplex. NO MOBILE HOMES and NO INVESTMENT PROPERTIES.

How it works:
1st mortgage is for 80% of the value.
2nd mortgage is for up to 20% of the value.

The CSB processing fee is waived for First Time Homebuyers.

 Eligibility for this product is determined at the time of application with a CSB Loan Officer.

Housing our Workforce (HOW) Funds may be limited by availability. The Equity Builder Program and Housing Our Workforce are purchase assistance programs offered to income-eligible homebuyers. Both programs are designed to assist homebuyers who are purchasing owner-occupied primary residences. The EBP/HOW disclosure that is being provided to you for your review, input, and signature allow your lender to request enrollment and provide income information to Federal Home Loan Bank of Boston. All required pages are to be initiated by the homebuyer(s) in addition to the completion of the Household Members & Income Worksheet and the Authorization to Release/Certification of Information. This disclosure must be signed by all adult household members (over the age of 18) that will live in the property. Repayment during the first five years following your purchase: If during the first five years of the EBP/HOW mortgage/deed restriction the property is refinanced, sold, or otherwise transferred, all parties (including FHLBank Boston and your original lender) must be notified at the time of the new transaction and made aware of the existing EBP/HOW mortgage/deed restriction and note. Basic Example: Homebuyer received a $10,000 EBP/HOW grant at time of closing. Home originally purchased on June 10, 2018: $195,000 Home is sold on June 10, 2020: $210,000 Resulting in a net gain of: $15,000 ($210,000-$195,000=$15,000)· $10,000 EBP grant is pro-rated to $2,000 per year or $10,000/5= $2,000.· Two years of the five-year EBP/HOW period have passed· The remaining three years must be repaid: $6,000 or $2,000 X 3 = $6,000. Offer of credit is subject to credit approval. For full details on how the Housing our Workforce program work and was developed, visit their websit: http://www.fhlbboston.com/communitydevelopment/how/index.jsp

EBP Disclaimer Funds may be limited by availability. EBP grants may not be used to create a principal, interest, taxes, and insurance (PITI) reserve; to pay the costs of prepaid life insurance premiums; to reimburse home buyers for earnest deposits; to return cash back to a buyer at the closing in excess of $250; or in conjunction with an Affordable Housing Program subsidy awarded to the same borrower for the same transaction. To be eligible to receive assistance through the EBP, buyers must complete a home-buyer-counseling education program administered by an agency designated by the EBP-approved member financial institution. Individuals and households can receive EBP assistance to purchase units that they will occupy as their primary residence. Eligible ownership units include single-family, one- to four-family homes, townhouses, duplexes, condominiums, cooperatives, and modular homes. Other types of housing may be considered. Please refer to our Homebuyer FAQ if you are a potential homebuyer. Each home buyer is required to meet a five-year retention period. This requirement provides that if the home buyer sells or refinances the dwelling purchased with the EBP funds, an amount equal to a prorated portion of the grant will be recaptured and repaid to the Federal Home Loan Bank of Boston. Repayment during the first five years following your purchase: If during the first five years of the EBP/HOW mortgage/deed restriction the property is refinanced, sold, or otherwise transferred, all parties (including FHLBank Boston and your original lender) must be notified at the time of the new transaction and made aware of the existing EBP/HOW mortgage/deed restriction and note. Basic Example: Homebuyer received a $10,000 EBP/HOW grant at time of closing. Home originally purchased on June 10, 2018: $195,000. Home is sold on June 10, 2020: $210,000 Resulting in a net gain of: $15,000 ($210,000-$195,000=$15,000)· $10,000 EBP grant is pro-rated to $2,000 per year or $10,000/5= $2,000.· Two years of the five-year EBP/HOW period have passed· The remaining three years must be repaid: $6,000 or $2,000 X 3 = $6,000. For full details of the FHLB Equity Builder Program, please visit their website: http://www.fhlbboston.com/communitydevelopment/ebp/index.jsp . Offer of credit is subject to credit approval.

100% Financing (Rural Development Loan) Rural Development loans feature a $50,000 minimum loan amount. USDA Rural Development does not directly offer workout plans to distressed homeowners in the Single-Family Housing Guaranteed Loan Program as USDA is not a financial lending institution. We urge any customer with a guaranteed loan seeking assistance to contact their mortgage servicing lender immediately to determine their eligibility for potential work out options. Examples of work out options include but are not limited to: Informal Forbearance, Special Forbearance, Loan Modification, Special Loan Servicing and Pre-Foreclosure Sale. The customer service number for the servicing lender is typically included with the mortgage statement or at their online internet address. To learn more about this Single Family Housing Guaranteed Loan Program, follow this link: https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program.100% financing via a 1st and 2nd Mortgage. Interest rates and programs subject to change without notice. If you're a first time homebuyer – no processing fee assessed. Fee waived = $425.00 processing fee and $195.00 underwriting fee. Offer of credit is subject to credit approval.