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 $25,000 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

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 a $25,000 grant.* 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 $2,000 toward the purchase of the home
  • 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.

Lift Up Homeownership

This program provides enhanced down-payment and closing cost assistance to help first-time homebuyers earning no more than 120% of the area median income. The program is designed specifically for first-generation homebuyers and people of color. Eligible borrowers may be able to receive up to a $50,000 grant.*

  • Must be a first-time homebuyer
  • Available to households headed by first-generation homebuyers and people of color earning up to 120% of the area median income (AMI) based on the property location (property must be in New England)
  • First-generation buyers include first-time homebuyers whose parents and/or legal guardian of at least one borrower does not currently own a home in the United States and has not previously owned a home in the United States or at least one borrower has aged out of foster care.
  • Buyers of color who qualify include Black, American Indian, Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander
  • Borrowers are required to contribute at least $1,000 toward the purchase of the home
  • 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.

Homebuyer Resources

Ready to begin your journey towards homeownership? Use our Homebuyer Resources page to get started with what you need to know.

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.

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