MountainOne Bank offers assistance to homebuyers / iBerkshires.com
NORTH ADAMS, Mass .– MountainOne Bank, with branches in Berkshire County and on the South Shore, has been selected to participate in the Federal Home Loan Bank of Boston’s Housing Our Workforce (HOW) program, which helps local buyers to a down payment.
Through HOW, Boston’s FHLBank is providing $ 2.5 million in grants to participating financial institutions to help homebuyers purchase owner-occupied primary residences. Income-eligible households can receive up to $ 10,000 as individual consideration for down payments made at the time of purchase, which is repayable five years after the loan closing date. To be eligible, borrowers must earn more than 80% and up to 120% of their new home’s median income address, and must complete an approved homebuyer counseling and post-purchase counseling program. by MountainOne Bank. Loans are subject to credit approval.
“Many home ownership programs are designed to help low-income individuals and families. It is often difficult for people with slightly higher incomes to afford housing, especially in communities where house prices are rising. With this program, more borrowers who are extremely important to the economic well-being of our communities will be able to access homeownership, ”said Robert Fraser, President and CEO of MountainOne.
MountainOne Bank is eligible to receive up to $ 100,000 in 2021 through HOW depending on the availability of funds.
Those wishing to find out more about how they can qualify for the HOW funds can contact MountainOne Bank through the www.mountainone.com website or by phone at 855.444.6861.