Eastern Bank offering grants to qualified first-time homebuyers
Eastern partners with Federal Home Loan Bank to offer aid to homebuyer
BOSTON, Mass., Nov. 21, 2007—Eastern Bank is offering grants to qualified, first-time homebuyers through a partnership with the Federal Home Loan Bank of Boston.
The Equity Builder program offers grants to eliminate the required monthly mortgage insurance payment and to assist with a portion of qualified borrowers’ closing costs. Borrowers must meet funding guidelines to be eligible for the program.
These grants can provide substantial savings and are available to borrowers who have less than 20 percent down and who earn annual household income at or below 80 percent of area median income.
Qualified borrowers may use the Equity Builder program to make a one-time, single-premium, mortgage insurance payment, thus eliminating monthly mortgage insurance payments, which on average cost borrowers $120 per month. This reduction in the monthly housing obligation significantly increases borrowers' purchasing power.
Borrowers who select this option will receive MassHousing's MI Plus™ mortgage insurance. This unique coverage helps the borrowers pay their mortgage in the event they are laid off from a job at any time during first 10 years after closing on a MassHousing loan. The payment protection benefit is provided at no additional cost to eligible borrowers.
For more information on the Equity Builder program, call Eastern Bank at (800) EASTERN (327-8376).
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent, mutually owned commercial banking franchise in New England. With $6.5 billion in assets and 74 branches stretching from Merrimack Valley to Cape Cod, Eastern offers superior service, convenience and a full range of financial products for consumers, businesses, investors, government agencies and not-for-profit organizations. Its subsidiaries include Eastern Insurance and Fantini & Gorga, a real estate advisory firm.
For more information, contact: Andrew Ravens, Public Relations, Eastern Bank,(781) 598-8528, or e-mail Andrew Ravens.