Down Payment Assistance

Need a hand with the down payment? We can help!

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, Katahdin Trust recognizes how difficult entering the housing market can be for some first-time buyers.

We offer down payment assistance programs to eligible borrowers. Each program has a unique set of qualifications and guidelines and we are always happy to work directly with you to explore these options.

That’s why Katahdin Trust, in association with the Federal Home Loan Bank of Boston, is pleased to offer two down payment assistance programs; Equity Builder and Housing Our Workforce.

We want to make your application process as easy and convenient as possible. Check out our Loan Application Checklist.

Compare Down Payment Assistance Programs

LoanEquity Builder Program (EBP)Housing Our Workforce (HOW)

Description

At Katahdin Trust, we offer the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP), where qualified homeowners can receive grants* for down payments, closing costs, homebuyer counseling, single premium mortgage insurance, and rehabilitation assistance!

EBP provides eligible First-time Homebuyers up to $15,000 in grant money. Funds are available for a limited time, will be awarded on a first-come, first-serve basis, and are not guaranteed.

We also offer the Federal Home Loan Bank of Boston’s Housing Our Workforce (HOW) Program, where qualified homebuyers can receive assistance^ for down payments!

HOW provides assistance to eligible homebuyers with up to $20,000 in a two-to-one match of down payments made at the time of purchase. Funds are available for a limited time, will be awarded on a first-come, first-served basis, and are not guaranteed.

Requirements

  • Qualification based upon income levels**
  • For primary residencies only
  • Program is for first-time homebuyers
  • Qualification based upon income levels^^
  • For owner-occupied primary residencies only
  • Home purchase price limits>

 Eligibility

  • Grants are available on a first-come, first served basis
  • Recipients must attend homebuyer education/counseling program
  • $500 minimum homebuyer down-payment required
  • Interest would not accrue on the grant and the proceeds would only be due if the property is sold within the first five years of home ownership

     

    * Grant is provided by the Federal Home Loan Bank of Boston through their Equity Builder Program. ** Buyers eligible to receive assistance through the EBP are individuals and households earning no more than 80 percent of the area median income, based on their future address. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. May not be combined with any other type of down payment programs. ^ Assistance is provided by the Federal Home Loan Bank of Boston through their Housing Our Workforce Program. ^^ Buyers eligible to receive assistance through the HOW are individuals and households earning more than 80 percent and up to 120 percent of the area median income address of their new home. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. Loans are subject to credit approval. > Home purchase price limits are based on the Average Area Purchase Prices for Mortgage Revenue Bonds from 26 CFR 6a. 103A-2: Qualified mortgage bond and are also revised annually. For 2019, the program will utilize Rev. Proc. 2018-28.
    *Income limits apply. All loans are subject to credit approval. Property insurance is required. Programs are offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance.

Ready to Get Started?

Check rates and apply online or call your local branch to speak with a local mortgage specialist.

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All loans are subject to credit approval. Property insurance is required. Conforming Loan Payment Notice

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