Dedham Savings Offers Assistance to Homebuyers Through FHLBank Boston’s How Program
Dedham Savings 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 Laura Dorfman, Executive Vice President for Residential Lending at Dedham Savings.
Dedham Savings 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 visit www.dedhamsavings.com/mortgage-down-payment-assistance-options/.
About Dedham Savings
Incorporated in 1831, Dedham Savings is one of the oldest banks in Massachusetts still doing business under its original charter. The Bank delivers technology-driven solutions in a client-centric way to promote the financial success of the individuals, families, businesses, and non-profit organizations in the communities it serves. Dedham Savings manages $1.9 billion in assets through full-service locations in Dedham, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood, Massachusetts. Dedham Savings is Member FDIC, Member DIF, and an Equal Housing Lender.
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.