Savers Bank Offers Assistance to Homebuyers Through FHLB Boston Program
Southbridge, MA - March 28, 2018 — Savers 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.
The $3.1 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 $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase. Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive,” said John Fearing, Sr. Vice President and Chief Lending Officer, Savers Bank.
Savers Bank is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
To learn more about applying for assistance, contact our dedicated Residential Lending Specialist, Lisa Birtz at 877-247-1815.
About Savers Bank
Savers Bank is a full service community bank with offices in Southbridge, Uxbridge, Auburn, Grafton, Charlton, and Sturbridge. Savers Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Federal Home Loan Bank, the Co-operative Central Bank, and Massachusetts Bankers Association. Founded in 1910, Savers Bank has assets of over $500 million, offers a full range of consumer and commercial banking services, and a strong legacy of community commitment and customer service.
About FHLB Boston
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.