SFCU has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program.
HOW provides assistance to FHLBank Boston financial institution members to help local homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments on owner-occupied primary residences.
HOW supports borrowers who are essential to the long-term economic vitality of our communities purchase homes in communities where they work. Recipients must also complete a homebuyer education/counseling program.
The $2 million program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis.
SFCU is eligible to receive up to $100,000 through Housing Our Workforce depending on availability of funds.
Subject to credit approval. Must have individual or household income more than 80% up to 120% of the HUD median income based on future address to qualify. Must be primary residence. The funds are from a pool of monies provided by FHLB and are available on a first-come, first-served basis. Funds are not guaranteed. Restrictions may apply.
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.