BankFive has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“At BankFive we are committed to assisting families towards their pursuit of owning their own home. As part of this commitment, we are pleased to once again offer the FHLB’s Equity Builder Program. While the immediate impact is on individuals looking to purchase a home, our communities also see a benefit from increased home ownership,” said Patrick Deady, SVP, Director of Residential & Consumer Lending.
BankFive is eligible to receive up to $110,000 in 2019 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.5 million in EBP funds assisting 3,479 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact Patrick J. Deady, SVP, Director of Residential & Consumer Lending at 800-679-4420.