Down Payment Assistance
Bridgewater Savings participates in a number of programs that provide down payment and closing cost assistance to new homebuyers. In 2019, Bridgewater Savings arranged 27 grants funding 25 loans totaling nearly $432,000 in such assistance to approved buyers.
Through the Federal Home Loan Bank (FHLB), Bridgewater Savings submits enrollment requests for Equity Builder Program (EBP) grants of up to $15,000 for down payment and closing costs on behalf of income-eligible home buyers. Grant funds are limited, awarded on a first-come, first-served basis, and are forgiveable after 5 years, subject to conditions. Bridgewater Savings Bank is also offering a $400 closing cost discount for eligible EBP grant recipients at closing.
Housing Our Workforce (HOW)
This new HOW grant program through the FHLB provides up to $20,000 in matched down payment fund assistance to higher-earning individuals than EBP. Grant funds are limited, awarded on a first-come, first-served basis, and are forgiveable after 5 years, subject to conditions.
Pre-approval from Bridgewater Savings is your first step toward determining eligibility for this $20,000 down payment assistance grant program. Teachers, military, and first-responders could be eligible for $22,500. For more information, please visit Neighborhood LIFT program.
MassHousing Down Payment Assistance (DPA)
Please visit the MassHousing Down Payment Assistance (DPA) Program page for more information.
Need More Information?
For more information regarding these programs, or for a free pre-approval, call 800.356.8622.