StonehamBank Selected For Program That Aids With Home Purchase

A release from StonehamBank:

StonehamBank 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 serve basis. Buyers must also 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 creates financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities,” said Shane Bellavance, Senior Vice-President at StonehamBank. He noted that an especially attractive feature of this particular grant program is the flexibility to combine it with many different mortgage programs and added “If you are a first-time homebuyer who qualifies for this grant, this is certainly an opportunity you want to inquire about”.

StonehamBank 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 about applying for assistance, please contact any StonehamBank Mortgage Officer at 888-402-2265.