Down Payment Assistance Programs

Don't let the lack of down payment keep you from home ownership!


Let’s face it, buying a first home is not only challenging financially but can be really nerve-racking. With rising home prices, high down payment requirements and upfront closing costs, North Shore Bank recognizes how difficult entering the housing market can be for some first-time buyers.

That’s why North Shore Bank, in association with the Federal Home Loan Bank of Boston, is pleased to offer two down payment assistance programs:

 

Equity Builder Program (EBP)

Under this program, qualified NSB mortgage candidates* can:
 
  • Obtain a forgivable grant** which can then be used for down payment, closing cost assistance, rehabilitation assistance and homebuyer counseling
  • Get up to $30,806 per eligible household
  • Receive a lender credit of $750***
To qualify, candidates must have:
 
  • Income at or below 80% of the area median income
  • A minimum down payment of $500
  • Completed and received a certificate for a First-Time Homebuyer Course
 

Housing Our Workforce Program (HOW)

Under this program, qualified NSB mortgage candidates* can:
 
  • Obtain a forgivable grant** which can then be used for down payment and closing costs.
  • Get up to 10% of the sales price of the home , or up to $25,000 per eligible household (the lesser of the two). 
  • Receive a lender credit of $750***
To qualify, candidates must have:
 
  • Income above 80% and up to 120% of the area median income
  • A minimum downpayment of 1.5% of the property sales price
  • Completed and received a certificate for a First-Time Homebuyer Course
*Income limits apply and subject to credit approval. The EBP and HOW programs are offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance.
**EBP and HOW grants are forgivable after five years from the closing date of that primary residence. If you sell the home prior to the five years, you may owe a repayment. Ask your lender for details. 
***Cannot be combined with any other offer.
 
For additional information about down payment assistance programs, reach out to any of our mortgage originators. For current rates or additional information about home buying options at North Shore Bank, call Customer Support at (978) 573-1300 (during regular operating hours).

Need to know how much you can afford? Try out one of our convenient mortgage calculators.

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