05.28.2008
South Shore Savings Bank Approved For FHLB Equity Builder Program
Down-Payment Assistance Available
For Lower-Income, First-Time Homebuyers
South Weymouth – South Shore Savings Bank today announced that it is among 88 New England lenders approved by the Federal Home Loan Bank of Boston to participate in their Equity Builder Program, which provides down-payment and closing-cost assistance to first-time homebuyers who are at or below 80 percent of the area’s median income.
To be eligible to receive assistance, homebuyers are required to complete a homebuyer counseling program offered through the bank that includes pre- and post-purchase counseling, and occupy the property as their primary residence. South Shore Savings Bank will provide grants of up to $15,000 per household on a first-come, first-serve basis from a total pool of $200,000, on both 30-year fixed and 6/1 adjustable-rate mortgages. The Bank also is offering discounted rates and closing costs as part of the program.
“South Shore Savings Bank is pleased to be able to assist local first-time homebuyers achieve their dream of homeownership through the Equity Builder Program,” said South Shore Savings Bank President and CEO John Boucher. “In the wake of the subprime mortgage crisis, there is a critical need for such a program run by responsible lenders with the backing of the Federal Home Loan Bank.”
For more information or to apply for the Equity Builder Program, homebuyers can call South Shore Savings Bank at 781-682-3220.
Originally chartered in 1833, South Shore Savings Bank is a full-service community bank with approximately $900 million in assets and 15 branches. All deposits are insured in full. The first $100,000 per depositor is insured by the Federal Deposit Insurance Corporation (FDIC); all deposits above this amount are insured by the Depositors Insurance Fund (DIF).
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Equal Housing Lender Member FDIC Member DIF
