MountainOne Bank Offering Assistance To Homebuyers
NORTH ADAMS, Mass. — MountainOne Bank, with branches across Berkshire County and the South Shore, has been selected to participate in the Federal Home Loan Bank of Boston's Housing Our Workforce (HOW) Program, which assists local homebuyers with down-payment.
Through HOW, the FHLBank of Boston provides $2.5 million in grants to participating financial institutions to assist homebuyers with the purchase of an owner-occupied primary residence. Income-eligible households can receive up to $10,000 in a one-to-one match of down payments made at the time of purchase, which is forgivable after five years from the date of loan closing. To be eligible, borrowers must be earning more than 80 percent and up to 120 percent of the area median income address of their new home, and must complete a homebuyer counseling program, and post-purchase counseling approved by MountainOne Bank. Loans are subject to credit approval.
"Many homeownership programs are designed to assist lower-income individuals and families. It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are rising. With this program, a greater number of borrowers who are incredibly important to the economic well-being of our communities will be able to achieve homeownership," said Robert Fraser, MountainOne President & CEO.
MountainOne Bank is eligible to receive up to $100,000 in 2021 through HOW depending on availability of funds.
Those interested in learning more about how they may qualify for HOW funds can contact MountainOne Bank via the www.mountainone.com
website or via phone at 855.444.6861.