Fannie Mae and Freddie Mac Programs
Fannie Mae’s Home Ready and Freddie Mac’s Home Possible Mortgages help first-time buyers realize the dream of homeownership.
Fannie Mae’s Home Ready & Freddie Mac's Home Possible
Program Highlights
- 3% minimum down payment
- Flexible underwriting and credit terms
- Qualifying income requirements* – must be below 80% of the Area Median Income
- Availability for 1-4 family primary residences including approved condominiums
- Can be combined with down payment assistance program through the Housing Development Fund
*Subject to qualifications and availability. Other restrictions apply. Please see loan officer for program details. A homebuyer education class is a requirement of this program for first-time homebuyers.
Federal Home Loan Bank of Boston Programs
The Federal Home Loan Bank of Boston (FHLB) offers programs that provide funding opportunities to assist eligible homebuyers purchase a home.
Permanent Rate Buydown
The Permanent Rate Buydown1 program offers origination of Fixed Rate, 0 Point mortgages at interest rates up to 2% lower than the current market rate to qualified homebuyers2 earning up to 80% area median income3
Program Highlights:
- Available for purchase of 1-4 family primary residences including approved condominiums
- All title holders required to be on the loan
- Can be used in combination with the Housing Development Fund down payment assistance program for eligible first time homebuyers4
Equity Builder Grant5
Program Highlights:
- Assists eligible homebuyers with up to $25,000 in down-payment and closing costs
- Available to households with incomes at or below 80% of HUD Area Median Income based on property location
- First-time homebuyers must complete homebuyer education/counseling program
Housing our Workforce Grant5
Program Highlights:
- Assists eligible homebuyers with up to $25,000 in down-payment and closing costs
- Available to households earning more than 80% and up to 120% of HUD Area Median Income based on property location
- Recipients who are first-time homebuyers must complete homebuyer education/counseling program
Lift Up Homeownership Grant5
Program Highlights:
- For households headed by people of color earning up to 120% of the area median income
- Up to $50,000 grant for down-payment and closing-cost assistance
- First-time homebuyers only – must complete homebuyer education/counseling program
- Buyers who qualify include Black/African American, American Indian, Alaska Native, Asian (Native Hawaiian or Pacific Islander), Hispanic or Latino
1. Available through the Federal Home Loan Bank of Boston (FHLBB). 2. Loans subject to credit approval, FHLBB purchase acceptance, and property located in Connecticut. 3. Area median income based on property location. 4. Subject to Housing Development Fund approval. 5. Grants subject to FHLBank funds availability and approval. Loans subject to First County Bank credit approval.
Contact First County Bank Today
To learn more about these programs and to see if you qualify, speak with one of our mortgage experts today!
