Read about The Bank of Bennington’s participation in the Federal Home Loan Bank of Boston’s Equity Builder Program and Housing Our Workforce initiative, assisting homebuyers with down payments.
THE BANK OF BENNINGTON OFFERS ASSISTANCE TO HOMEBUYERS
The Bank of Bennington has again been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP) assisting homebuyers with down-payment and closing costs.
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 serve basis. Buyers also complete a homebuyer counseling program.
Housing Our Workforce (HOW) offers matching grants to households earning more than 80 percent and up to 120 percent of the area median income to help them with down-payment assistance. In 2019, $2 million has been set aside to fund a two-to-one match of down payments made at the time of purchase by eligible homebuyers.
“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 Shannon McLenithan, Senior Vice President Residential Lending for The Bank of Bennington.
The Bank of Bennington 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 in EBP funds, assisting 3,512 income-eligible households to purchase a home.
To learn more, please contact Wendy Chenaille, Assistant Vice President Mortgage Origination at 802-445-7938 or [email protected].