May 3, 2017
Lowell, MA – May 2, 2017 – Sage Bank has introduced a first-time home buyer assistance program to help qualified applicants purchase a home. Sage Bank’s Equity Builder Program is made possible through a partnership with the Federal Home Loan Bank of Boston. The program offers up to $11,000 in a down payment assistance grant to qualified first-time mortgage applicants who are looking to purchase their first home in Barnstable, Bristol, Essex, Hampden, Middlesex, Norfolk, Plymouth or Suffolk counties in Massachusetts or Hillsborough and Rockingham counties in New Hampshire. The funds are subject to Federal Home Loan Bank of Boston guidelines and include maximum income restrictions.
“The Equity Builder Program is another tool to help people get into their first home. For many potential homeowners, the stumbling block to home ownership is trying to come up with the necessary down payment” said Kenneth Bishop, Chairman of the Board of Directors. Through the Equity Builder Program, up to $11,000 is loaned to the homebuyer to use toward a down payment and/or closing costs when financing a home through Sage Bank. Applicants are required to provide at least $500 of their own funds towards the down payment. Sage Bank will provide potential applicants with a $500 credit towards closing costs as another inducement.
The best feature of the Equity Builder Program grant states that no payments are made during the first five years of the loan and in the event that the homeowner remains in the home for more than five years, Sage Bank will forgive the down payment grant and the loan becomes a non-repayable grant.
Further considerations include ensuring that all eligible properties must be an owner-occupied, primary residence but may include 1-to-4 family dwellings as well as condominiums. Applicants must also complete a Home Buyer Certification Program with one of Sage Bank’s partner organizations. The levels of funds available under this Equity Builder Program are limited and may be withdrawn at any time.
To gather more information on this exciting first time home buyer assistance program, a Sage Bank Loan Officer is available to discuss an applicant’s specific needs. A Sage Bank Loan Officer can be reached at 978-443-3337 or http://mortgage.sagebank.com.
With assets in excess of $140 million, Sage Bank has been serving the banking needs of the Greater Lowell community since 1885. With two full service banking centers, a lending and an operations center in Lowell, Massachusetts, along with five residential lending centers throughout Massachusetts, Sage Bank offers customers commercial, residential, and consumer products and services. All deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of the Co-operative Central Bank.