Down Payment Assistance

Up to $25,000 for downpayment or closing costs

The GSB Down Payment Assistance Program

Greenfield Savings Bank's Down Payment Assistance Program can help qualified home buyers' dreams get off the ground with up to $25,000 towards down payment and closing costs. You could also qualify for a 1/8 percent mortgage rate reduction!^* This program can make homeownership more affordable from day one and it's available with any GSB mortgage product.

Lower Your Monthly Payment

Enroll in automatic loan payments from a qualifying GSB checking account and receive a 1/8 percent rate reduction on your mortgage.

Start Your Homeownership Journey

A great first step is to get prequalified, which you can do right now online! Discover how much home you can afford, all before you start shopping. Get prequalified

* Down Payment Assistance Program Guidelines:
Program funds are limited and subject to availability. This Down Payment Assistance (DPA) program provides assistance in the form of a 0% interest deferred loan, which becomes due and payable upon sale, transfer of title, or payoff of the first mortgage. Assistance amounts are based on the applicant(s) income only and are as follows: up to $25,000 for borrowers at or below 80% of Area Median Income (AMI), and up to $20,000 for borrowers between 80% and 120% of AMI. Income eligibility is determined based solely on applicant(s) income and does not include other household income. Funds may be used toward down payment and/or closing costs only. No cash back to the borrower is permitted.
Eligibility requirements include:

Minimum loan-to-value (LTV) ratio of 90%
Maximum debt-to-income (DTI) ratio of 45%
Maximum liquid assets of $20,000 (excluding retirement accounts such as 401(k) or IRA)
Minimum borrower contribution of $1,000
Maximum allowable gift funds of $5,000
Completion of an approved first-time homebuyer education course

Terms of the 0% Deferred Downpayment Assistance Program Mortgage Loan:

This is not a grant. This is a loan secured by your home.
No payments of principal will be payable on the Second Mortgage Loan unless one or more of the following events occur:
(1) You prepay the First Mortgage prior to its scheduled maturity; or
(2) Title to the property is transferred to someone else; or
(3) You are in default on your First Mortgage and it becomes due prior to its scheduled maturity; or
(4) You no longer live in the property as your principal residence.
This Mortgage shall not be subordinated to any mortgage, lien, or encumbrance without the express written consent of Lender.
Lender shall not subordinate this Mortgage in connection with any transaction that results in Borrower receiving cash proceeds, other than funds necessary to cover bona fide closing costs.
If any of the events described above occur, you must repay the outstanding principal amount of the Second Mortgage Loan.
You can also repay all or any part of the Second Mortgage Loan at any time without penalty.
Regardless of time of repayment, no interest will be payable on the amount of the Second Mortgage Loan.

Additional 1/8 percent reduction on the interest rate of any Greenfield Savings Bank (GSB) mortgage product is available to qualified borrowers who set-up Automatic Loan Payments (ALP) from a qualifying GSB checking account. Seller concessions are permitted in accordance with applicable Freddie Mac guidelines. This is not a commitment to lend. Additional terms, conditions, and restrictions may apply. Borrowers must qualify for the first mortgage and meet all program requirements. Down Payment Assistance Program available through September 30, 2026. Program guidelines, funding availability, and expiration date are subject to change and may be extended without prior notice.