GFA Federal Credit Union of Gardner has been approved by the Federal Home Loan Bank of Boston to make grants of up to $10,000 to first-time homebuyers.
The approval makes GFA part of FHLB’s “Equity Builder” program. Grants awarded under the program can be used toward down payments or to cover closing costs.
First-time homebuyers can qualify for the $8,000 federal first-time homebuyer tax credit in addition to the equity builder grant.
GFA has been approved to award up to $100,000 in grants. To qualify for a grant, a home must be owner occupied and buyers must meet income guidelines and attend a homebuyer education course.
