Saugus, MA – (www.saugusbank.com) Saugusbank is pleased to announce that it will again be participating in the Federal Home Loan Bank of Boston’s Equity Builder Grant Program; a program that provides up to $15,000 in closing cost and down payment assistance to qualifying home buyers. To be eligible borrowers cannot earn more than 80 percent of the median income for the area (based on the address of the property being purchased). Interest does not accrue on these grants and the proceeds would only be due if the property is sold within the first five years of home ownership.
This will be the eighth year that Saugusbank has offered Equity Builder Grants. In 2013, Saugusbank awarded five such grants totaling $70,000 (out of an available allocation pool of $150,000 for each approved lender). According to Vice President Tony Visco:
“For some borrowers Equity Builder Grants can mean the difference between home ownership and continued renting. Programs such as these provide the level of assistance that gets some first time home buyers over that last hurdle.”
In addition, Saugusbank also offers a coupon for $750 off closing costs to any first-time home buyer qualifying for an Equity Builder Grant (and receiving a Saugusbank mortgage). Coupons are available at saugusbank.com/equitybuilder, or for more information contact Tony Visco at 781-426-2180 (office), 781-223-4891 (cell) or firstname.lastname@example.org.
Saugusbank is an independent, full-service community bank with over $200 million in assets. Founded in 1911, the organization offers a wide variety of loan and deposit products that cater to the individual and business needs of the community. In addition to its chartered mission, the bank is also an active supporter of philanthropic ventures throughout the area.