Nurture Your Legacy By Putting Down Roots In Your Own Home
Torrington Savings Bank’s down payment assistance program is designed to make the dream of home ownership more affordable. Take the first steps towards a new home with our local mortgage team.
Equity Builder Program
The Equity Builder Program (EBP) offers grants to qualified applicants up to $25,000 to income-eligible first-time homebuyers. The grant money can be used toward a down payment and closing costs.

Eligibility & Terms of Funding:
- Households earning 80% or less of the area median income (AMI) of their future property are eligible to apply. Our team can help calculate your AMI for you.
- The future property must be a one to four family, owner-occupied, primary residence.
- A First-time home buyer is any buyer that hasn’t owned any real estate in the past three years.
- Homebuyer is required to put a minimum down payment of $500.
- First-time homebuyers must complete an approved homebuyer education course.
How does the program work?
The number of available grants are limited and awarded on a first-come, first-served basis. The EBP grants are five-year “forgivable” grants, meaning they do not need to be repaid, you just need to not sell your home for the first five years.
What do I do if I want to refinance my home?
You have the option to pay back the remaining grant funds or request a subordination. This is a forgivable grant after the five-year retention period expires. Depending on the circumstances, the best option is usually to subordinate the EBP grant to eliminate repayment but is up to the homeowner’s sole discretion.
Ready to apply? Have questions? We are here for you, contact us today.
Have You Found The Right Home?
Our mortgage team is here to help you with every step of your home buying journey. Schedule an appointment with a lending specialist to discuss your home loan or complete the form below to have a lender contact you.
TSB Team
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Details:
Grant funds listed above are provided by FHLBank Boston. Any grant dollars awarded is subject to recapture if your sell your home within five years of purchase. Contact a lender to review program and eligibility details.