There's help to buy a first home
With the housing market sluggish, now is a good time to buy. But even if a price looks right, putting together a down payment can be tough for first-time buyers. Then come closing costs that can add hundreds — even thousands — to the upfront cost of a mortgage.
The Federal Home Loan Bank of Boston has a program that can help buyers in that predicament. It's called the Equity Builder Program, and it's available through FHLB's partner banks. The FHLB is a wholesale bank and does not make loans directly to individuals.
FHLB spokesman Mark S. Zelermyer told me the Equity Builder Program is funded each year out of 10 percent of profits the bank sets aside annually for affordable housing initiatives. This year's allocation, $3.2 million, is available until it's used up, he said.
That means there's no calendar deadline in 2007, but the earlier you apply the better.
The money is available to income-eligible families who plan to buy a first home within the next three to six months. It can mean up to $15,000 toward the down payment and closing costs.
Eligible ownership units include single-family, one- to four-family homes, townhouses, duplexes, condominiums,
cooperatives, and modular homes that will be used as the buyer's primary residence.
If you keep the house (and mortgage) for at least five years, you don't have to pay the Equity Builder money back. If you sell or refinance, you are liable for some portion of it.
Income-eligible families are those earning no more than 80 percent of the median income for the area in which they are buying. In the Berkshires, that is roughly $40,000 for a single person and up to $57,000 for a family of four.
Candidates are required to also complete a home-buyer-counseling program. Other requirements may apply.
More information is available on the Federal Home Loan Bank's Web site, www.fhlbboston. com/communitydevelopment/fundingprograms/ebp.
Applications are through FHLB's partner banks in the Berkshires.
Those listed on the Web site are Greylock Federal Credit Union, Legacy Bank and the Williamstown Savings Bank.
By ; Charles Bonenti
Via : www.berkshireeagle.com
The Federal Home Loan Bank of Boston has a program that can help buyers in that predicament. It's called the Equity Builder Program, and it's available through FHLB's partner banks. The FHLB is a wholesale bank and does not make loans directly to individuals.
FHLB spokesman Mark S. Zelermyer told me the Equity Builder Program is funded each year out of 10 percent of profits the bank sets aside annually for affordable housing initiatives. This year's allocation, $3.2 million, is available until it's used up, he said.
That means there's no calendar deadline in 2007, but the earlier you apply the better.
The money is available to income-eligible families who plan to buy a first home within the next three to six months. It can mean up to $15,000 toward the down payment and closing costs.
Eligible ownership units include single-family, one- to four-family homes, townhouses, duplexes, condominiums,
cooperatives, and modular homes that will be used as the buyer's primary residence.
If you keep the house (and mortgage) for at least five years, you don't have to pay the Equity Builder money back. If you sell or refinance, you are liable for some portion of it.
Income-eligible families are those earning no more than 80 percent of the median income for the area in which they are buying. In the Berkshires, that is roughly $40,000 for a single person and up to $57,000 for a family of four.
Candidates are required to also complete a home-buyer-counseling program. Other requirements may apply.
More information is available on the Federal Home Loan Bank's Web site, www.fhlbboston. com/communitydevelopment/fundingprograms/ebp.
Applications are through FHLB's partner banks in the Berkshires.
Those listed on the Web site are Greylock Federal Credit Union, Legacy Bank and the Williamstown Savings Bank.
By ; Charles Bonenti
Via : www.berkshireeagle.com
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