Bath Savings Announces Homebuyer Assistance Opportunities
Bath Savings has been selected to participate in two home-buying assistance programs: Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program and Equity Builder Program.
Housing Our Workforce (HOW) provides assistance to financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments on owner-occupied primary residences. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
Equity Builder Program (EBP) provides grants to financial institutions to assist local income-eligible homebuyers with down payment and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $29,000 in assistance. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
The funds for both programs are available April 3.
“We are excited to participate in this program to help working individuals and families in our community become homeowners,” said Betsy Harrington, Vice President of Retail Lending, Bath Savings. “These grants can help ease some of the costs associated with a home purchase, particularly in the current challenging market.”
To learn more about applying for assistance, please contact the lenders at Bath Savings at 800-447-4559 or email@example.com.
Bath Savings has been banking on the coast of Maine for 170 years. Ten full-service banking offices are located from Damariscotta to South Portland. Visit www.bathsavings.bank or call 1-800-447-4559 to learn more.