Federal Home Loan Bank's Equity Builder Program

Federal Home Loan Bank's Equity Builder Program

Funder: All One Credit Union (in partnership with Federal Home Loan Bank)

Status: Ongoing annual program - seventh year offered as of 2018

Geographic Scope: Massachusetts, including Worcester County and surrounding counties

Focus Areas: Down payment and closing cost assistance for first-time homebuyers and displaced homemakers

Award Amount: Up to $11,000 per eligible homebuyer in down payment and closing cost assistance (varies by year - historically $10,000-$15,000)

Total Program Funding: Up to $110,000 distributed annually (historically $150,000 in earlier years)

Eligibility Requirements

• First-time homebuyers or displaced homemakers
• Subject to credit approval
• Must meet Equity Builder Program qualifications criteria
• Income limits apply (vary by county)
- Worcester County maximum income limit for family of four: $68,650 (as of 2018); $68,000 (2017); $63,900 (2014); $64,400 (2013)

How It Works

• First come, first serve basis
• Funds distributed until grant is depleted
• Available starting in late March (historically)
• Assistance provided for down payment and closing costs

Contact Information

• Phone: 800-649-4646 or 978-466-7233
• Address: 20 Adams Street, Leominster, MA 01453
• Email: Info@all-onecu.com
• Speak with a mortgage specialist for eligibility guidelines and application