Farmington Bank Offers Assistance to Homebuyers
FARMINGTON, Conn. — Farmington Bank announced it has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP), which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The EBP provides grants to financial institutions to assist households at or below 80% of the area median income. Farmington Bank is eligible to receive up to $110,000 in 2018 through the EBP, depending on availability of funds. Farmington Bank borrowers are eligible to receive up to $11,000 in assistance for homes located in Massachusetts and Connecticut on a first-come, first-served basis. Buyers must also complete a homebuyer counseling program.
“We’re pleased to be able to offer this assistance to help ease some of the challenges associated with buying a home. Programs that assist homebuyers are a critical component in ensuring our communities continue to thrive,” said John Patrick Jr., the bank’s chairman, president, and CEO.
In addition, Farmington Bank offers a variety of affordable lending programs that have lower down-payment requirements and closing costs, including special mortgage financing for first-time homebuyers and veterans.
Since 2003, the EBP has awarded more than $35 million in EBP funds, assisting 3,150 income-eligible households to purchase a home.