BERLIN — Northway Bank 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 $3.6 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 $15,000 in assistance on a first-come, first-served basis, but also must complete a homebuyer counseling program.
“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home. Homeownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities,” said Wendy Olson, vice-president, mortgage sales manager at Northway Bank.
Northway Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program, depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.8 million to assist 3,512 income-eligible households to purchase a home.
To learn more, call 800-442-6666 or visit northwaybank.com.