Monday, March 4, 2019
North Adams, MA – MountainOne Bank, with branches across Berkshire County and the South Shore, MA, 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.
Through the Equity Builder Program, the FHLBank of Boston provides up to $3.6 million in grants to participating financial institutions to assist homebuyers with the purchase of a primary residence. Income-eligible households can receive up to $15,000 in grant assistance, which is forgivable after five years from the date of loan closing. To be eligible, borrowers must be at or below 80 percent of the area median income based on the address of their new home, and must complete a homebuyer counseling program, and post-purchase counseling approved by MountainOne Bank. Grants may not be combined with any other type of down payment programs. Loans are subject to credit approval.
“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home. Homeownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities,” said Melissa Weber, MountainOne Bank Vice President.
MountainOne Bank is eligible to receive up to $150,000 through the Equity Builder Program in 2019.
Since 2003, the Equity Builder Program has awarded more than $38.8 million in EBP funds assisting 3,512 income-eligible households to purchase a home.
Those interested in learning more about how they may qualify for EBP funds can contact MountainOne Bank via the www.mountainone.com website or via phone at 855.444.6861. MountainOne Bank is Member FDIC. Member DIF. Equal Housing Lender.
MountainOne is a mutual holding company headquartered in North Adams, MA. Founded in 1848, MountainOne Bank has assets of approximately $900 million, and provides a complete array of personal and business banking and electronic services. MountainOne Insurance provides personal and business insurance, bonding services and group benefits solutions. The financial advisors of MountainOne Investments offer securities and advisory services to individuals and businesses through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency. MountainOne Bank is not a registered broker-dealer or Registered Investment Adviser. MountainOne Bank, MountainOne Insurance and Commonwealth are separate and unaffiliated entities. Products and services are offered at full service offices in the Berkshires (Pittsfield, North Adams, Williamstown) and on Boston’s South Shore (Quincy, Rockland, Scituate). MountainOne Investments’ main office is located at 85 Main Street, Suite 110, North Adams, MA 01247. (413) 664-4025
Insurance and Investments are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Funds are subject to investment risks, including possible loss of principal investment.
ABOUT FHLBANK BOSTON
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.