Bristol County Savings Bank announces Equity Builder Grants to help first time homebuyers.
June 06, 2007 (PRLEAP.COM) Business NewsDATELINE: TAUNTON, MA…
Bristol County Savings Bank has once again been approved to participate in the Federal Home Loan Bank of Boston Equity Builder Grant Program.
What does this mean for potential first time homebuyers? Income-eligible buyers interested in purchasing a home in Bristol County, or in Franklin, Wrentham, or Plainville, MA, or in Pawtucket, Rhode Island, can apply for a grant of up to $15,000 to help with down payment and closing costs.
Applications for grant requests are now being accepted and will be available on a first-come, first-served basis. Bristol County Savings has been awarded a total of up to $100,000 to help expand homeownership opportunities for households with incomes less than 80 percent of the area median income.
Further details may be obtained by contacting the Bristol County Savings Residential Mortgage Department at (508) 828-5329, or a Mortgage Consultant at any of Bristol County Savings Bank’s Loan Centers, which are located in Taunton, Attleboro, Franklin, Dartmouth, or Fall River, MA, and in Pawtucket, RI.
About the Equity Builder Program
The Federal Home Loan Bank of Boston's Equity Builder Program (EBP) provides down-payment, closing-cost, and rehabilitation assistance for an owner-occupied unit for home-buying households earning less than 80 percent of the area median income. The program is funded by a percentage of the Bank's annual Affordable Housing Program (AHP) set-aside. Through the EBP, grants are made to eligible borrowers when they close on mortgages through participating member financial institutions. Eligible properties are owner-occupied housing, including (but not limited to) single-family, one- to four-family properties, town homes, duplexes, cooperatives, and condominiums. The property must be the borrower's primary residence.
Homebuyers must earn no more than 80 percent of the median income (adjusted for family size) of the area in which they will reside. They also must complete a home-buyer-counseling program and must obtain first-mortgage financing through Bristol County Savings Bank if they receive a grant through the Bank.
Bristol County Savings Bank
Bristol County Savings Bank is a full service financial institution offering commercial lending, personal and business banking, and mortgage services. The key words at Bristol County Savings Bank are: "Commitment, Stability, and Community," values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over
160 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people.
Founded in 1846, Bristol County Savings has $1.2 billion in assets, with 244 employees in Southeastern MA and RI. The Bank’s 10 full service banking offices are located in: Taunton, MA (2); Raynham, MA (2); Rehoboth, MA; Attleboro, MA; North Attleborough, MA; Franklin, MA; Dartmouth, MA; and Pawtucket, RI. Three loan production offices are located in Taunton, MA, Fall River, MA and in Providence, RI; and two Educational Branch Offices at Taunton High School and Attleboro High School.
The Main Office and Corporate headquarters of Bristol County Savings Bank are located on Broadway in Taunton, MA. For additional information please call 508-824-6626, or visit www.bristolcountysavings.com.