Buying your first home can be emotionally and financially challenging. With rising home prices, limited inventory, down-payment requirements and upfront closing costs, it’s enough to overwhelm someone right out of the process. In New Hampshire some local banks recognize how difficult entering the housing market can be and able to offer some relief. In association with the Federal Home Loan Bank of Boston some banks are able to offer the Equity Builder Grant Program (EBP). The program is available to income eligible households who can get as much as up to $11,000 to use towards a down payment or closing costs.
Of course there are program parameters and buyers must still be eligible to obtain a mortgage but how can you not investigate an opportunity to access funds that don’t accrue interest and only have to be repaid if the home is sold within the first five years. Each year that passes the grant would be reduced by 20% and after five years, the Equity Builder Grant would effectively be forgiven.
It’s important to note that Income limits apply and borrowers are subject to credit approval. The Equity Builder Grant Program is offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance.
Local banks understand the challenges that come with purchasing your first home. No matter how much you plan and save, sometimes you just need a little extra help. To learn more about EBP or to see if you might qualify, contact one of the local lenders in our area that are offering the program.
Alpine Lakes dedicated and knowledgeable Realtors can help you out, Call today 1.603.726.4580