Down Payment Assistance Programs
At Cornerstone Bank, we’re committed to making homeownership a reality for borrowers of all income levels. Connect with one of our Mortgage Loan Officers to learn more about grants that are currently available.
Equity Builder Program
This program assists income-eligible homebuyers with up to $29,000 that can be used towards their down-payment and closing costs.*
- Must be a first-time homebuyer
- Available to households with incomes at or below 80% of the area median income (AMI) based on the property location (adjusted for family size)
- Borrowers have to contribute a minimum of $500 in down payment funds
- Must be for an owner-occupied primary residence
- Recipients must attend a homebuyer education or counseling program through a FHLB approved homebuyer counseling organization
*The funds are from a pool of monies provided by the FHLB and are available on a first-come, first-served basis. Funds are not guaranteed. Restrictions may apply.
Housing Our Workforce Grant
This program offers down-payment assistance grants to help homebuyers earning above 80% and up to 120% of the area median income. Eligible borrowers may be able to receive up to the lesser of 10% of the purchase price or $25,000 per household. This allows a greater number of working individuals and families to be able to afford purchasing a home.*
- Available to households earning more than 80% and up to 120% of the area median income (AMI) based on the property location (adjusted for family size)
- Borrowers are required to contribute at least 3% of the purchase price
- Must be for an owner-occupied primary residence
- First-time homebuyers must attend a homebuyer education/counseling program through a Federal Home Loan Bank (FHLB) approved homebuyer counseling organization
* The funds are from a pool of monies provided by the FHLB and are available on a first-come, first-served basis. Funds are not guaranteed. Restrictions may apply. Funds may be available for non-first-time homebuyers.
MassDREAMS
MassDREAMS is a federally funded grant program designed to provide eligible first-time homebuyers who currently reside in a Disproportionately Impacted Community with up to $50,000 in down payment and closing cost assistance for the purchase of a primary residence in the Commonwealth of Massachusetts. Visit the MassDREAMS website for more information and to see if you qualify for the program by completing the pre-screening questionnaire.
- Must be a first-time homebuyer
- Available to households with incomes up to 100% of the area median income (AMI) based on the property location (adjusted for family size)
- Must currently reside in one of the 29 Disproportionately Impacted Communities in Massachusetts
- Borrowers are required to contribute at least 1.50% of the purchase price to purchase a condo, single family home or two-family home and for a three-family property at least 3% of the purchase price
- Buy a single-family home, condominium or 2-or 3-family home, which will be your primary residence
- Recipients must attend homebuyer education/counseling program, must be MHP/Mass Dreams approved
- Meet credit score, asset and other eligibility requirements
Please note that all mortgage loans are subject to income and credit approval. Other restrictions may apply. All applicants are subject to complete underwriting based on program guidelines.