Savers Bank Selected to Participate in the FHLBank Boston’s Housing Our Workforce (HOW) program.
SOUTHBRIDGE, MA - April. 11, 2022 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.
The program provides a two-to-one match of homebuyer 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.
“As home prices have increased in many communities, this program has become a valuable tool to help working individuals and families in the community purchase homes. We are pleased we were approved to participate in this program to assist eligible borrowers who are seeking to become homeowners,” said John Fearing, Sr. Vice President and Chief Lending Officer at Savers Bank.
Savers Bank is eligible to receive up to $150,000 in 2022 through HOW depending on availability of funds.
Since the program launched in 2019, FHLBank Boston has awarded $5.6 million in funds assisting 421 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact Savers Bank at 800.649.3036.
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.