Savers Bank Offers Assistance to Homebuyers Through FHLBank Boston Program
SOUTHBRIDGE, MA (April 20, 2021) — Savers Bank 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% and up to 120% of the area median income with down payments on owner-occupied primary residences.
2021 will include no less than $1.3 million, providing a one-to-one match of homebuyer down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $10,000 in assistance on a first-come, first-served basis.
“This program is designed to help homebuyers who may not qualify for other homeownership assistance programs because they have slightly higher incomes. Through this program, a greater number of working individuals and families are able to afford housing in communities where home prices have been rising steadily,” said john Fearing, Sr. Vice President and Chief Lending Officer, Savers Bank.
Savers Bank is eligible to receive up to $100,000 in 2021 through HOW depending on availability of funds.
Since the program launched in 2019, FHLBank Boston has awarded $4.3 million in funds assisting 292 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact our dedicated Residential Lending Specialist, Lisa Birtz at 877-247-1815.
About Savers Bank
Savers Bank is a full service community bank with offices in Southbridge, Uxbridge, Auburn, Grafton, Charlton, and Sturbridge. Savers Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Federal Home Loan Bank, the Co-operative Central Bank, and Massachusetts Bankers Association. Founded in 1910, Savers Bank has assets of over $650 million, offers a full range of consumer and commercial banking services, and a strong legacy of community commitment and customer service.
About FHLBank Boston
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.