HANOVER — Ledyard National Bank was selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local home buyers with down payment and closing costs as well as home buyer counseling and rehabilitation assistance.
The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first-come, first-served basis. Buyers must also complete a home buyer counseling program.
“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 home buyers are a critical component in ensuring that our communities continue to thrive,” said Mike Urnezis, senior vice president, consumer lending and mortgage lending officer at Ledyard National Bank, in a news release.
Ledyard National Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.5 million in funds assisting 3,479 income-eligible households to purchase a home.
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