(Somerville, MA) Naveo Credit Union has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP). The EBP offers grants to provide assistance with down payments and closing costs eligible individuals purchasing their first home. 

The EBP program grants up to $11,000 to eligible buyers on a first-come, first-served basis. In addition, Naveo will pay for the first $375 in costs toward an appraisal for the property being purchased. In order to qualify, eligible buyers must have household incomes at or below 80 percent of HUD area median income based on property location. Buyers must also complete a homebuyer counseling program.

“The Equity Builder Program, combined with the $375 appraisal credit and today’s low interest rates, will enable many prospective home buyers to make the jump from renting to owning their own homes. Buying their first home is often a milestone event for individuals and families in their journey toward financial progress. We at Naveo are very pleased to partner with our members in realizing their dream of owning their own home,” commented Albert Pinho, Vice President of Lending at Naveo Credit Union.

For more information on taking advantage of this program, visit naveo.org/ebp.