Mechanics Cooperative Bank has been selected to participate in the Federal Home Loan Bank of Boston’s, (FHLB), Equity Builder Program, which assists homebuyers with down-payment and closing costs, as well as counseling and rehabilitation assistance.
FHLB 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.
As a member of this program, which offers $3.1 million to financial institutions to assist households at or below 80 percent of their areas median income, potential borrowers are eligible to receive up to $11,000 in assistance on a first-come, first-serve basis. Those who apply will need to complete a homebuyer counseling program that will aid them in the acquisition of a new home.
In a recent statement, Joseph T. Baptista, Jr., President, and CEO of Mechanics Cooperative Bank said, “We are very excited to be able to offer this program aimed at assisting our residents with qualified home purchases. Homeownership is key to building a strong community and helps to create financial stability—and these programs are a critical component to ensuring that the path to homeownership is attainable and affordable.”
Mechanics Cooperative Bank is eligible to receive up to $110,000 in 2018 through the Equity Builder Program (EBP), depending on the availability of funds. Since 2003, the EBP has awarded more than $35 million in funding and assisted 3,150 income-eligible households in purchasing homes.
To obtain more information or to apply, please contact Steve Borgerson at 1-888-MECHANICS (632-4264).