(Medway, MA) – Charles River Bank is proud to announce that it has received approval to offer up to $150,000 in grants through the 2016 Federal Home Loan Bank Equity Builder Program for eligible first- time home buyers. The Federal Home Loan Equity Builder Program (EBP) provides down-payment, closing-cost, and rehabilitation assistance for an owner-occupied unit for home-buying households
earning less than 80 percent of the area median income. As an approved participant in the Equity Builder Program (EBP), Charles River Bank may submit enrollment requests for funding on behalf of income-eligible home buyers. The grant funds are awarded to participating members in increments of up to $15,000 on a first come first serve basis. EBP funds are not guaranteed or reserved in advance for any participating member or home buyer.
Owning a home for many people today is becoming increasingly difficult in today’s economy. This EBP program that Charles River Bank is offering will ease some of the stress of first time home buyers and will give them the funds needed to get them into their first home.
The Bank is also an approved Mass Housing Lender, offering extremely low down payments, and an MI-Plus program that pays your mortgage in case of job loss. “When an Equity Builder Program grant is used for down payment or closing costs in conjunction with a MassHousing mortgage loan program, the benefits to the first-time homebuyer are enhanced exponentially. We are one of only a few banks that are approved to participate in both programs, and our customers can reap the benefits of this,” stated Jack Hamilton, President & CEO of Charles River Bank.
For more information or to see if you qualify for the Federal Home Loan Equity Builder Program, talk to a member of the Charles River Bank mortgage lending team today. Contact Mortgage Consultants, Mickee Whitney (NMLS#782138) at 508-321-3142 or Jen Benoit (NMLS#1185923) at 508-321-3141.