Katahdin Trust offers down payment and closing cost assistance to homebuyers
HOULTON, Maine — Eligible homebuyers could receive up to $11,000 in down-payment and closing cost assistance thanks to the Equity Builder Program and Katahdin Trust.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase. Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive,” said Leslie Gardner, vice president retail loans.
Katahdin Trust was once again selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling. The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
Depending on availability of program funds Katahdin Trust is eligible to receive up to $110,000 in 2018. “This year we are able to assist up to 10 families throughout Maine who might otherwise think a home purchase is out of reach,” shares Gardner. “We are proud to be part of this effort.”
Last year the bank helped several families purchase their first home. One southern Aroostook customer shared the following: “I am very happy with how everything went and I love my home. My loan officer was very helpful through the whole process.”
Borrowers are eligible to receive assistance on a first come, first served basis. Loans are subject to credit approval. Buyers must also complete a homebuyer counseling program.
Classes are available throughout the State of Maine or online for a modest fee. Class schedules can be found atwww.mainehomeworks.org.
For more information about the Equity Builder Program, please visit your nearest Katahdin Trust office or visit katahdintrust.com/equitybuilder.