Maine Savings is the only Maine credit union to offer eligible home-buyers up to $15,000 in down-payment and closing costs through participation in the nationwide Equity Builder Program.
The Equity Builder Program, provided through The Federal Home Loan Bank of Boston (FHLB), will be offered for a limited time and is available to individuals or households with incomes at or below 80% of HUD Area Median Income based on property location. According to the FHLB, since the program’s inception, nearly 2,500 home-buyers have been assisted.
“Rents are increasing and the dream of home-ownership seems out of reach for many. But this program will help bridge the gap for some who are close to being able to buy a home, but who may need a little extra assistance to get there,” said John Reed, Maine Savings President and CEO. “We take very seriously our role in helping members of our communities achieve the goal of home ownership.”
Recipients must attend a home-buyer education and counseling program. The Equity Builder Program may be eligible to be combined with other loan programs, including the 10% down-payment CU Promise loan, which Maine Savings offers.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.