Your pathway to homeownership begins here.

At Hometown Mortgage, we help potential borrowers like you unlock the right home financing solution for your unique needs. As a division of bankESB, a Hometown Financial Group company that also includes bankHometown and Abington Bank, we leverage our combined strength, internal shared services model and investments in technology to work with borrowers and homeowners across Massachusetts, Connecticut and neighboring states to make home financing simple and stress-free.

Last year, Hometown Mortgage borrowers received more than $500,000 in grants. This year, we want to raise that to more than $1 million! Contact a lender to get started.

Equity Builder Program - Available April 1

Funded by FHLBank Boston, the Equity Builder Program (EBP) is an income-eligible grant of up to $30,806 toward down payment or closing costs for first-time homebuyers.*

Highlights

  • Works with a variety of loan programs
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.

*Subject to property, use, and recipient eligibility.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied 1-to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
EBP grants provide down-payment or closing-cost assistance. They also supplement the payment of rehabilitation costs associated with acquisition and the payment of counseling costs not covered by another funding source. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay the grant back only if you sell the home during that five-year period.

Eligible Recipients
Individuals or households with incomes of no more than 80 percent of the median income for the area of the future address and have sufficient income to support a mortgage. Eligible recipients agree to execute the bank-provided EBP mortgage and note which secure the affordability provisions of the program. Income restrictions apply.

Housing Our Workforce - Available April 1

Funded by FHLBank Boston, the Housing Our Workforce (HOW) program is an income-eligible grant of up to $25,000 or 10% of the sale price, whichever is less, toward down payment or closing costs.*

Highlights

  • Works with a variety of loan programs.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.

*Subject to property, use, and recipient eligibility.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied 1- to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
HOW grants provide down-payment and closing-cost assistance. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay back the grant only if you sell the home within that five-year period.

Recipients
Individuals or households with incomes greater than 80% and up to 120% of the median income for the area of the future address and have sufficient income to support a mortgage. Eligible recipients agree to execute the bank-provided HOW mortgage and note which secure the affordability provisions of the program. Income restrictions apply.

Lift Up Homeownership Program - Available May 15

Funded by FHLBank Boston, the Lift Up Homeownership Program (LUHP) is an income-eligible grant of up to $50,000 toward down payment or closing costs* for people of color** purchasing their first home.

Highlights

  • Works with a variety of loan programs.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Homebuyer counseling courses through an approved agency are required.

*Subject to property, use, and recipient eligibility.
** Only one buyer must be a person of color. FHLBank Boston defines a person of color for participation in the Lift Up Homeownership program as Black, American Indian/Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander. Homebuyers will be required to self-certify their race or ethnicity by completing a self-certification form provided by FHLBank Boston. Individuals who do not self-identify their ethnicity or race will not be eligible to participate in this program.

Eligibility Guidelines

Properties
Owner-occupied units intended as the primary residence of the homebuyer are eligible for funding. Eligible units include owner-occupied, 1- to 4-family properties, townhouses, and condominiums. Other types of housing may be considered.

Use
LUHP grants provide down-payment or closing-cost assistance. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay back the grant amount only if you sell the home during that five-year period.

Recipients
Individuals or households with incomes up to 120% of the median income for the area of the future address, have sufficient income to support a mortgage, and a fully executed Purchase and Sale. Eligible recipients agree to execute the bank-provided LUHP mortgage and note, which secure the affordability provisions of the program. Income restrictions apply.

Path to Homeownership in Springfield

Funded by bankESB, the Path to Homeownership Program is a property-eligible grant of up to $10,000 to be used towards down payment assistance, lender-paid mortgage insurance, closing costs, or other home improvements for qualified borrowers .*

Highlights

  • Can be combined with our affordable loan product or other conventional first mortgage loans.
  • Applications are submitted and grants are awarded on a first-come, first-served basis for as long as funds remain available.
  • Can be layered with other grant programs.

 

*Subject to property, use, and recipient eligibility.

Eligibility Guidelines

Properties
Owner-occupied units are eligible for funding. Qualified units include 1-to 4-family properties, townhouses, and condominiums in specific locations in Springfield. Other types of housing may be considered.

Use
Path to Homeownership Program grants provide down-payment or closing-cost assistance. They also supplement the payment of rehabilitation costs associated with acquisition. A lien for the grant amount is placed on the home and forgiven over a five-year period. You pay the grant back only if you sell the home during that five-year period.

Eligible Recipients
This program is available to qualified borrowers purchasing a home located in majority minority neighborhoods in Springfield. Borrowers must be at or below 150% Area Median Income to be eligible to receive Path to Homeownership Program funds. Income restrictions apply.