Savers Bank Selected to Participate in FHLBank Boston’s Equity Builder Program
SOUTHBRIDGE, MA - April. 11, 2022 — Savers Bank has been selected to participate in 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 program provides grants to financial institutions to assist households earning up to 80% of the area median income. Borrowers are eligible to receive up to $22,000 in assistance on a first-come, first-served basis. Buyers must also complete a homebuyer counseling program.
“This grant program is designed to ease some of the challenges associated with a home purchase, particularly in areas where home prices are on the rise. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities,” said John Fearing, Sr. Vice President and Chief Lending Officer at Savers Bank.
Savers Bank is eligible to receive up to $220,000 in 2022 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $48.9 million in funds assisting 4,251 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact Savers Bank at 800.649.3036.
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 $650 million, offers a full range of consumer and commercial banking services, and a strong legacy of community commitment and customer service.
About FHLBank 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.