Here’s some good news in a housing market that’s been about as welcoming as a bouncer at an exclusive club: Greylock Federal Credit Union just got the green light to offer three substantial homebuyer assistance programs through the Federal Home Loan Bank of Boston. And we’re not talking about pocket change here.
If you’ve been sitting on the sidelines because saving for a down payment feels like trying to fill a swimming pool with a teaspoon, these programs might be your ticket in. All three are designed to help income-eligible buyers purchase one- to four-family homes that they’ll actually live in (no side-hustle investment properties, sorry).
Breaking Down the Programs
Equity Builder Program (EBP): For First-Time Buyers
This one’s all about getting first-timers over the finish line. If you’re earning up to 80% of your area’s median income, you could snag up to $32,099 in grant money—yes, grant, as in you don’t pay it back—to cover your down payment, closing costs, homebuyer counseling, or even rehabilitation work. The catch? You’ll need to complete homebuyer education and counseling, and it’s first-come, first-served, so don’t sleep on this.
Housing Our Workforce (HOW): The Middle-Income Sweet Spot
Earning a bit more but still feeling priced out? HOW targets buyers making between 80% and 120% of the area median income, offering up to $25,000 in assistance for down payments and closing costs. First-time buyers will still need to complete homebuyer education, but if you’ve owned before, you can skip the classroom portion.
Lift Up Homeownership: For First-Generation Buyers
This is the heavyweight of the three. If you’re a first-generation homebuyer in New England earning up to 120% of the area median income, you could receive up to $40,000 toward your down payment and closing costs. That’s the kind of assistance that can genuinely change the trajectory of your financial future.
Why This Matters Now
“These grant programs are designed to ease challenges associated with a home purchase, particularly at a time when home prices are high and are beyond the reach of many individuals and families,” said Tara McCluskey, Greylock’s Vice President and Mortgage Originations Manager. “We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities.”
She’s not exaggerating about the challenges. With home prices doing their best impression of a rocket ship, these programs offer a real lifeline for people who have the income to support a mortgage but can’t quite scrape together the upfront costs.
How Much Funding Is Available?
Greylock has been approved to reserve up to $320,000 through the Equity Builder Program, up to $250,000 through Housing Our Workforce, and up to $400,000 for Lift Up Homeownership in 2026, depending on fund availability. That’s nearly a million dollars in potential assistance for local homebuyers.
If you’ve been waiting for a sign that it’s time to stop scrolling through Zillow and actually take action, this might be it. Just remember: these programs work on a first-come, first-served basis, so the early bird really does get the worm—or in this case, the keys to their new home.